UK based Genel Energy expects to export oil by pipeline from its fields in Iraqi Kurdistan by 2014, regardless of a political impasse between Baghdad and the semi-autonomous region.

The crude used to be shipped to world markets through a Baghdad-controlled pipeline to Turkey but exports via that channel dried up last year as a result of a row over payments. Iraq views any continuing Kurdistan exports as illegal.

Mr Julian Metherell CFO of Genel Energy said that "We can expect by 2014 to be accessing the export markets from our major assets, whether that is through Baghdad controlled infrastructure or through Kurdistan .

Genel posted full year revenues of USD 333.4 million in line with its forecasts, on production which averaged 44,500 barrels per day in 2012 and said it will start exploring for oil deeper in Kurdistan and in Morocco later this year.

Production this year will come in at between 45,000 barrels per day and 55,000 barrels per day. Revenues will be in the region of USD 300 million to USD 400 million depending on the level of export sales.

The long running row between Iraq's central government and the Kurdistan region over how to exploit the world's fourth largest oil reserves and divide the revenues means that Kurdistan says it is still waiting for payments from Baghdad.