ERBIL — Iraqi Oil Minister Hayyan Abdul Ghani announced on Thursday that discussions are underway between the federal government and the Kurdistan Regional Government (KRG) to resume oil exports.

Ghani stated that oil production in Kurdistan currently stands between 375,000 to 400,000 barrels per day, aligning with Iraq's budget. Ghani emphasized, stating, "We will resume production and export of oil from the fields in the Kurdistan Region.” The remaining issues, according to the minister, circulate around production and transportation costs.

Additionally, he mentioned a recent contract signed by the Ministry of Electricity with a gas investment firm in Kurdistan, aimed at facilitating the transport of 100 million cubic feet of natural gas. He stated that using Kurdistan’s natural gas for energy production costs 30% less than imported gas from Iran.

The suspension of oil exports from Kurdistan via the Iraq-Turkey pipeline for a year has led to significant revenue losses for Iraq, estimated at $12 billion, along with a $400 million downturn in investments by APIKUR member companies.

Despite the readiness of Turkey and Kurdistan, Iraq has yet to finalize its preparations to resume oil exports. APIKUR stressed the importance of expediting the resumption of exports and maintaining previously agreed terms.