Petroleum and mineral resources
KRG-controlled parts of Iraqi Kurdistan contain 4 billion barrels of proven oil reserves. However, the KRG has estimated that the region contains around 45 billion barrels (7.2×109 m3) of unproven oil resource.[76][77][78][79] Extraction of these reserves began in 2007.
In November 2011, Exxon challenged the Iraqi central government's authority with the signing of oil and gas contracts for exploration rights to six parcels of land in Kurdistan, including one contract in the disputed territories, just east of the Kirkuk mega-field.[80] This act caused Baghdad to threaten to revoke Exxon's contract in its southern fields, most notably the West-Qurna Phase 1 project.[81] Exxon responded by announcing its intention to leave the West-Qurna project.[82]
As of July 2007, the Kurdish government solicited foreign companies to invest in 40 new oil sites, with the hope of increasing regional oil production over the following 5 years by a factor of five, to about 1 million barrels per day (160,000 m3/d).[83] Gas and associated gas reserves are in excess of 100×1012 cu ft (2,800 km3).[citation needed] Notable companies active in Kurdistan include Exxon, Total, Chevron, Talisman Energy, DNO, MOL Group, Genel Energy, Hunt Oil, Gulf Keystone Petroleum, and Marathon Oil.[84]
https://en.wikipedia.org/wiki/Iraqi_Kurdistan
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