Erbil, capital of Iraqi Kurdistan
KRG craves 2022 stability
Having benefitted from improved oil prices and better relations with Baghdad in 2021, Erbil is looking for more of the same
Last year saw welcome stability for Iraqi Kurdistan’s oil sector as it recovered from Covid-related oil price volatility. While some of the thornier issues around oil sales persist, the Kurdistan Regional Government (KRG) benefitted from higher oil prices and regular payments from Baghdad, enabling it to clear a significant portion of its arrears to international operators for missed payments between November 2019 and February 2020. Despite this economic improvement, production levels were largely unchanged from 2021, at c.450,000-460,000bbl/d. But exploration and development efforts could bear fruit in 2022. In the view of Russian emerging markets-focused investment bank Renaissance Capital
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
