The Kurdistan Oil Industry Association (Epicur) has announced that its member companies are prepared to recommence oil exports from the Kurdistan Region of Iraq, provided they receive concrete assurances regarding their financial entitlements. According to spokesperson Miles Caggins, while existing contracts between oil firms and the Kurdistan Regional Government (KRG) remain valid, the Iraqi federal authorities have yet to grant formal recognition, expressing reservations over the current contractual framework.
Caggins highlighted that although there is a general consensus on the principles of future payment mechanisms, a comprehensive agreement concerning the auditing of production and transportation costs remains outstanding. In accordance with the federal budget law, these costs must be independently audited by an internationally recognized firm. Although several candidates for this role have been proposed and met with no objections from Epicur, the association emphasized the importance of ensuring that the auditing process respects existing contractual obligations and aligns with both Iraqi legislation and the production-sharing agreements upheld by the KRG.
Dismissing any accusations of obstruction, Caggins reaffirmed that Epicur member companies are committed to cooperation and transparency. However, he underscored the necessity for a clearly defined auditing framework—outlining scope, duties, and reporting responsibilities—before operations can resume. He concluded by calling on the Iraqi government to fulfill its stated commitments and facilitate a stable path forward for all parties involved.
