Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani is set to meet with international oil companies in Erbil to discuss the resumption of oil exports from the Kurdistan Region.

According to sources, the meeting will focus on the preparations for the resumption of exports, the terms and conditions of crude oil sales through SOMO, the proposed mechanism for repaying debts of international oil companies, and their share in future oil export sales.

The central government and the KRG have reportedly "resolved the technical problems to resume oil exports from the Kurdistan Region through the port of Jayhan to world markets," according to British media quoting four sources. The Ministry of Natural Resources will also be meeting with oil companies operating in the region to discuss how to resume oil production and exports.

Oil companies have been warned to technically prepare their fields to resume oil production, and the meeting with the oil companies coincides with Iraqi Prime Minister's statement that the Kurdistan Region will resume oil exports this week.

The resumption of exports comes after the International Court of Arbitration in Paris suspended the export of 400,000 barrels of oil from the Kurdistan Region to Turkey on March 25. Iraq won an arbitration case in which it said Turkey had violated an agreement by allowing the Kurdistan Region to export oil without Baghdad's consent.

After the Kurdistan Region stopped exporting oil at the end of last month, oil companies continued to produce oil for two weeks but stored it instead of exporting it. Due to limited storage capacity, oil companies were forced to temporarily close their wells.

The meeting with international oil companies is seen as a significant step towards the resumption of oil exports from the Kurdistan Region, which will be welcomed by oil companies and the KRG alike.