- The president of Jellyfish believes the Kurdistan Region is in a position to become one of the next giant investment regions in the Middle East, noting the Kurdistan Regional Government (KRG) was able to beat the federal government in energy, natural resources and investment games.

Michael Bagley said northern Iraq is a significant oil market for Turkish exports and that oil and gas coming from the region is transferred to worldwide markets through Turkey, reported Oilprice.com.

The KRG and Turkey have plans to build a pipeline connecting Ceyhan in Turkey with northern Iraq and that this pipeline could carry one million barrels of oil per day, said International Business Times.

In Iraq's energy auction license round in May, none of the big international players bid on the exploration blocks, fearing the clauses put in place by Iraq. Such clauses say anyone who makes deals with the Kurdistan Region will be kicked out of the auction.

According to intelligence analysts at Jellyfish: "From a financial and logistical standpoint, an Ankara-Erbil marriage is one of exceptional convenience."

Oil outfit Exxon Mobil signed a contract with the KRG last year to explore six fields in the region.




AKnews