The Kurdistan Region could hold as much as 200 tcf (5.67 tcm) of natural gas reserves, representing between 1.5% and 3% of the world's total reserves. This positions Kurdistan for a prominent role in regional gas markets.
With 45 billion barrels of estimated oil reserves, the Kurdistan Region is poised to become a key part of Iraq’s renaissance and a major actor on world oil markets. The region intends to develop its hydrocarbons resources as per the 2005 Iraqi Constitution and maximise the benefits of this development for the Iraqi people. Since 2003, the region has attracted more than 45 companies from more than 30 countries.
Under the auspices of the 2005 Iraqi Constitution, the Kurdistan Parliament passed an oil and gas law in 2007 to support the development of the region’s hydrocarbons. This legal framework supports a fair and transparent investment environment and establishes production-sharing contracts that balance the risk and reward of investing in the Kurdistan Region.
Transparency and fairness have been the cornerstones of the Kurdistan Region’s investment laws and policies. The Extractive Industry Transparency Initiative was incorporated as an article in the regional oil and gas law in 2007, and helps ensure transparency and proper budgetary management of oil revenues.
We undertake our work according to the principles enshrined in the Iraqi constitution, and according to the provisions of the Kurdistan Oil and Gas Law. We have made available to read a Model Production Sharing Contract and the contracts signed with companies.
The Ministry has regulations on land compensation, to ensure that local communities are compensated when their lands are used by oil companies. Read also about the KRG's regulations on importing and exporting explosive, chemical and radioactive substances for oil and gas industry uses.
The Kurdistan Regional Government has developed energy policies in accordance with the Iraqi constitution and the Kurdistan Oil and Gas Law. Read about our policies and the strategies we are using to achieve our goals.