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Would-Be Oil Barons Venture Into Kurdistan

Northern Iraqi region awash in untapped black gold—and risk

By Kevin Spak, Newser Staff

Posted Jul 9, 2008 3:50 PM CDT

(Newser) – Kurdistan, Iraq’s mostly autonomous northern region, is brimming with oil, but the big oil companies won’t touch it. The Kurdish government gladly hands out exploration contracts, but taking one invites the wrath of the central government in Baghdad. That’s left the forbidden fruit to “wildcatters,” old-fashioned, small-time oil explorers willing to take big risks, the Wall Street Journal reports.

The fields are in something of a legal limbo, and even if that situation is resolved, the crude would need to be pumped through Turkey—which fears a powerful, oil-rich Kurdistan. But the lure of black gold has brought plenty of risk-takers. “For a company of our size, there is nothing like this anywhere in the world,” said one wildcatter.

A general view of an oil well digging site near the village of Taq Taq, in the autonomous Iraqi region of Kurdistan, 23 June 2007. (AFP/Getty Images)

Employees work at the the oil drilling facility of the joint Turkish Genel Enerji and Canadian ADDAX Petroleum company in the area of Taq Taq, Iraq, 14 May 2006. (AFP/Getty Images)

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Would-Be Oil Barons Venture Into Kurdistan

Northern Iraqi region awash in untapped black gold—and risk

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UK Consulted Big Oil Before Iraq Invasion

Memos reveal secret top-level talks with BP, Shell

Iraq's Oil Reserves Bigger Than Previously Thought

Country claims it has 24% more crude in new estimate

Pentagon Lost Track of $8.7B in Iraqi Oil Money

It didn't wind up in specially designated accounts

Iran OKs Visit by Moms of Detained US Hikers

But Tehran has made promises in the past

Oil Giants Bend to Iraq's Terms

War for oil hasn't been too lucrative for American companies

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Would-Be Oil Barons Venture Into Kurdistan

Northern Iraqi region awash in untapped black gold—and risk

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OTHER STORIES ON OUR RADAR

Iraq • Iraq oil • Kurdistan • Northern Iraq • oil exploration

MOST POPULAR STORIES

[ By Views ]

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More Newser Stories

UK Consulted Big Oil Before Iraq Invasion

Memos reveal secret top-level talks with BP, Shell

Iraq's Oil Reserves Bigger Than Previously Thought

Country claims it has 24% more crude in new estimate

Pentagon Lost Track of $8.7B in Iraqi Oil Money

It didn't wind up in specially designated accounts

Iran OKs Visit by Moms of Detained US Hikers

But Tehran has made promises in the past

Oil Giants Bend to Iraq's Terms

War for oil hasn't been too lucrative for American companies

About Us

Site

Newser By Users

Community

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More News

What is Newser?