Iraqi Instability Could Give Way to Brighter Future for Kurdish Operators

摘要

Oil and gas firms operating in Iraq's northern, semiautonomous Kurdistan region have been largely unaffected thus far by the ongoing violence immediately south of Kurdish-controlled areas, which have expanded as the Iraqi army withdrew after facing fighters from the Islamic State of Iraq and Greater Syria (Isis) and other disaffected Sunni groups - leaving the Kurdish military to fill the gap (EIF Jun.18' 14). In fact, the Kurdistan Regional Government (KRG) says it plans to accelerate oil exports through KRG pipeline infrastructure to Turkey, with an eye toward growing volumes from 125,000 barrels per day currently to 400,000 b/d by year-end. Initial loadings of Kurdish crude onto cargoes at Ceyhan - despite legal action by Baghdad to halt those sales - have provided another fillip to the KRG. But as violence rages on, the risks for Kurdish producers stand to grow beyond security and politics, to one of investor fatigue that could potentially set the stage for further regional exits (EIF Jun. 11' 14).