Total Shifts Focus from Iraq to Kurdistan

By Admin
Total SA, Europe's third largest oil company, is shifting its focus from Iraq to opportunities in Kurdistan, according to CEO Christophe de Marger...

 

Total SA, Europe's third largest oil company, is shifting its focus from Iraq to opportunities in Kurdistan, according to CEO Christophe de Margerie. The semi-autonomous region of northern Iraq is home to about 40 percent of the country's oil reserves.

“It’s a place where there are important oil and gas reserves and contracts are better,” de Margerie said today at a press conference in Paris.

The company is looking at exploration blocks in Kurdistan. While the government has refused to recognize production-sharing agreements between foreign companies and the Kurds in the past, de Margerie said it will be up to Iraqis to decide if any new agreements should be separate.

SEE OTHER TOP STORIES IN THE ENERGY DIGITAL CONTENT NETWORK

Tension Builds Over Exploratory Drilling in Cuban Waters

THE RETURN TO THE GULF

January's issue of Energy Digital has gone live!

According to de Margerie, the last round of auctions for exploration areas in Iraq was not very attractive, and “the award for investment doesn't appear for the moment to be enough.”

Iraq opened up its vast reserves of oil to foreign investment after the Gulf War, but many find Baghdad's terms too stringent. Despite the tension it will cause with Baghdad, Total is publicly pursuing a better deal in Kurdistan as the company targets an output growth of 2 to 3 percent in 2012.

 

DOWNLOAD THE ENERGY DIGITAL IPAD APP

 

Share

Featured Articles

Huawei's Smart Infrastructure Boosts Power Intelligence

David Sun, Huawei’s VP and CEO of its Electric Power Digitalisation BU, discusses how smart infrastructure is accelerating electric power intelligence

Celebrating 10 Years of Energy Digital Magazine

As we mark Energy Digital’s 10th birthday this summer, we reflect on our highlights over the last decade and take a deep dive into some of our best covers

Google's 13% Emissions Rise: Can AI & Data Centres be Green?

Google's latest environmental report highlights a 13% increase in GHG emissions driven by AI and data centre energy use. Is sustainable AI possible?

Huawei Takes the Lead on Electric Power Intelligence

Renewable Energy

How Ampace’s Innovations are Revolutionising Energy Storage

Sustainability

Sustainability LIVE in NYC an Event for Energy Leaders

Sustainability