Baghdad, Dec. 21 (AKnews) – The Iraqi Oil Ministry confirmed on Tuesday, that the next stage requires a radical end to the oil disputes with Kurdistan to draw a clear picture of oil process in the country.
The spokesman of the oil ministry, Assem Jihad told AKnews that most of the differences are not related to the Oil Ministry, but to the Ministries of Finance, Planning and other ministries.
“The oil ministry will work in the coming period to resolve all disputes and technical problems over exporting oil and compensating oil companies operating in the region.”
The oil contracts signed by the Kurdistan Regional Government with foreign companies is the most outstanding issues between Baghdad and Erbil, in the time the Iraqi Oil Ministry says that the contracts of the territory are illegal because they do not have the right led to conclude them, the territorial Government emphasizes that the Constitution conferred it the right to conclude contracts.
The Oil Ministry said in September that crude oil inventories in the country has reached 505 billion barrels from the total of the discovered fields that are 66 oil fields, with total recoverable reserves of 143 billion barrels.