Despite turbulence, Kurdistan’s IOCs look to raise spending and output

A worker at Gulf Keystone Petroleum's Shaikan production facility. (SEBASTIAN MEYER/Metrography/Iraq Oil Report)

International oil companies operating in the Kurdistan Region of Iraq are gearing up for increased upstream activity after reporting solid first-quarter earnings on the back of a surge in global oil prices.

After two years of stagnating crude oil production levels — and despite the recent resignation of Minister of Natural Resources Kamal Atroshi — new investment is set to provide a modest increase in capacity in 2022. Increased gas supplies are also expected from the expansion of the Khor Mor field, which is moving forward on schedule.