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KRG signs oil and gas contract with US-based Hunt Oil

SAT, 8 SEP 2007 19:08 | KRG Cabinet

Erbil, Kurdistan- Iraq (KRG.org) - The Kurdistan Regional Government (KRG) together with Hunt Oil Company of the Kurdistan Region, a subsidiary of Hunt Oil Company of Dallas, Texas, and Impulse Energy Corporation (IEC) announced today that they have signed a Production Sharing Contract (PSC) covering petroleum exploration activities in the Duhok area of the Kurdistan Region. Under the terms of the agreement, Hunt Oil Company of the Kurdistan Region will serve as operator. This is the first PSC to be signed by the KRG since the Oil and Gas Law of the Kurdistan Region was issued by the Kurdistan National Assembly, Kurdistan's parliament, in early August, 2007.

Hunt Oil Company of the Kurdistan Region will begin geological survey and seismic work by the end of 2007 and plans to be in a position to drill an exploration well in 2008.

Dr Ashti Hawrami, the KRG Minister for Natural Resources, commented, “The signing of this PSC by Hunt is evidence that the KRG's enactment of a modern and balanced oil and gas law has created a supportive and transparent business environment which promotes investment by international oil companies in our Region for the benefit of all. Revenues from this Kurdistan petroleum development will be shared by the KRG throughout Iraq, consistent with the Iraq constitution and the new Oil and Gas Law of the Kurdistan Region.”

Mr Ray L. Hunt, CEO of Hunt Oil Company in Dallas, Texas, said, “We are very pleased to have the opportunity to be a part of these landmark events by actively participating in the establishment of the petroleum industry in the Kurdistan Region of Iraq.”

Mr Mathew Heysel, an IEC representative, added, “We are pleased to partner with Hunt Oil on this important project to develop the oil and gas resources in the Kurdistan Region.”

Hunt Oil Company of the Kurdistan Region is a wholly-owned affiliate of the Hunt Oil Company, Dallas, Texas, USA, which is a part of the Hunt family of companies directed by Ray L. Hunt. Hunt Oil Company is one of the largest privately held independent oil companies and conducts a variety of petroleum related operations in several regions of the world, including a liquefied natural gas (LNG) project in Peru which is considered the largest project ever built in that country. In addition to oil and gas interests, the Hunt family of companies is engaged in real estate; private investments; refining; electrical power, ranching and farming interests.

Impulse Energy Corporation is a private company that invests in the energy sector in developing economies targeting oil, gas and power.

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