Turkish company offered oil blocks in Iraqi Kurdistan

Turkish company offered oil blocks in Iraqi Kurdistan Authorities in Iraqi Kurdistan offered six oil exploration blocks to a Turkish company, according to Reuters. However, some fear the move upset the country's central government in Baghdad.

The name of the Turkish company that received the blocks was not identified. Reuters said the licenses issued were for the Choman, Hindren, Arbat, Pulkhana, Jabal Kand and Khalakan blocks.

Turkey and Iraqi Kurdistan have been negotiating on energy since early 2012 as Turkey is in need of resources and Iraqi Kurdistan holds plentiful reserves of hydrocarbons. However, the central government said no deal can be made unless it signs off on it, according to the source.

The company awarded the blocks will hold an 80 percent stake in the Choman, Hindre and Arbat blocks. The Choman and Hindren blocks are located near the Iraqi Kurdistan's border with Iran. The Turkish company will also be given a 40 percent stake in the Pulkhana, Jabal Kand and Khalakan blocks. According to Reuters, eight wells have already been drilled in Pulkhana.

The report said Iraqi Kurdistan is hoping to reach an export goal of 1 million barrels of oil a day by 2015.

Learn more about the Iraqi oil markets in PennEnergy's research area.

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