Taq Taq decline highlights Kurdistan oil woes

Once billed as the crown jewel in Kurdistan's oil sector, the Taq Taq field has suffered from payment delays, reduced investment, and overhyped expectations.
Taq Taq decline highlights Kurdistan oil woes
A flare burns at the Taq Taq oil field. (STAFF/Iraq Oil Report)

Within two years, production at one of Kurdistan’s flagship oil fields has collapsed by about 75 percent.The rapid decline of the Taq Taq field is an emblem for Kurdistan’s struggling energy sector, where low oil prices and payment delays have left companies without adequate incentive to invest in production capacity.In a statement on Jan. 24, Genel Energy, which jointly manages Taq Taq with a subsidiary of China’s Sinopec, said that production for the month so far has dropped to a...

This content is for registered users. Please login to continue.
If you are not a registered user, you may purchase a subscription or sign up for a free trial.