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Has Kurdistan gas entered the major strategic energy game between Russia and Europe over oil share mainly that international lights are shed on Iraq as having the 10th largest natural gas reserve in the world.
The new consortium companies union including European and Arab firms announced a plan to pump enough gas from Iraq\'s Kurdistan region to kick-start the Nabucco pipeline project to supply Europe and reduce its dependence on Russia.
The United Arab Emirates\' Crescent Petroleum and affiliate Dana Gas believe there is enough gas in the fields they operate in the Kurdistan region to supply the pipeline after meeting local demand in northern Iraq and Turkey. Austria\'s OMV and Hungary\'s MOL, two of Nabucco\'s initial shareholders, have bought into the $8 billion scheme.
Iraq\'s oil ministry refused to comment on the plan saying it had received no notification from the Kurdish Regional Government (KRG). The Kurdish government also gave no comment, and said the matter was for the companies involved to discuss.
When asked if a probable opposition from Baghdad would worry the company, the executive director for Crescent Petroleum Bader Jafar said: “We are absolutely convinced of the legal, moral and technical correctness of our investments and projects in Iraq\'s Kurdistan region, which will achieve benefits and revenues for all of Iraq”. He added that the project would prioritize meeting local demand ahead of exports.
According to U.S. government data, Khor Mor and Chemchemal fields have gas reserves of 3.6 trillion cubic feet, just over 3 percent of Iraq\'s 112 trillion cubic feet of reserves.
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