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Kurds bullish as Iraq signs last of upstream oil-service contracts
IRAQ'S semi-autonomous Kurdistan region plans to boost crude-oil production to 1m barrels a day (b/d) within five years. The ambitious target reflects growing confidence that the Kurdistan Regional Government (KRG) is coming closer to striking a deal with the central government in Baghdad that will confirm the production-sharing contracts the KRG has signed with foreign oil companies. In January, the KRG said it was "ready to immediately restart the process of oil exports from the Kurdish fields at a rate of no less than 100,000 b/d". It added that it hoped to boost output to 200,000 b/d this year and attain an output capacity of 1m b/d within five years. Last month, at a meeting in London's Chatham House, KRG natural-resources minister Ashti Hawrami said the 1m b/d target could be reached within three years. The January announcement generated speculation ...Click here to continue reading Kurds bullish as Iraq signs last of upstream oil-service contracts
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