“Kurdistan is the last great new land for the oil and gas industry!”
Tony Hayward, former head of BP
Iraq’s immense oil wealth is well known. Much of this oil is found in northern Iraq. The existing oil reserves are around 45 billion barrels. Thus, for more than 120 years, one million barrels of oil can be produced every day from these reserves alone.
Added to this is how easily accessible the oil and gas reserves, which have hardly been touched so far, are.
The production sites in all Iraqi regions are under the control of the Iraqi Ministry of Oil and Energy. The main trading player for the Iraqi state is the state-owned company SOMO. SOMO processes and certifies all oil and gas trading transactions so that the trading conditions are very clearly and transparently structured.
„Kurdistan and northern Iraq is one of the rare cases in which a very large oil region with conventional deposits has been discovered in recent history.“
Oxford Institute for Energy Studies