Contracts
Under the auspices of the 2005 Iraqi Constitution, the Kurdistan Parliament passed an oil and gas law in 2007 to support the development of the region’s hydrocarbons. This legal framework supports a fair and transparent investment environment and establishes production-sharing contracts that balance the risk and reward of investing in the Kurdistan Region.
Delineated in Chapter 10 of the Kurdistan oil and gas law, the production-sharing contracts establish a sliding scale for royalties and profits. There is a standard royalty payment of 10 percent of the total oil produced, and the contractors are entitled to a maximum of 40 percent of the oil produced, to offset their costs. The contracts offer an initial five-year exploration term with the possibility to extend the contracts to seven years. When a discovery is achieved, a 20-year period for continued development is granted with further extensions negotiable.
The simplicity, transparency and fairness of these contracts has been recognized and lauded throughout the global energy community. A report by Dr Pedro van Meurs, a world expert on petroleum fiscal regimes, concluded that the KRG's production-sharing contracts encourage oil companies to perform optimally and are serve Iraq's national interests better than the Iraqi Ministry of Oil's risk service contracts.
The KRG has made available a Model Production Sharing Contract (PSC), amended to take into account the Kurdistan Oil and Gas Law.
This diagram shows how the KRG's production sharing contracts work.
The Ministry is transparent about how the KRG's production sharing contracts work. The Ministry has also made available the production sharing contracts signed with production and exploration companies. Please click on these links to read them (the files are very large and can take up to five minutes to open).
- Ain Sifni
- PSC – Hunt Oil – 08/09/2007
- Assignment Novation and First Amendment Agreement – 26/07/2011
- Hunt Oil Guarantee – 26/07/2011
- Hunt Oil LOR – 26/07/2011
- Akri Bijeel
- PSC – GKP/MOL – 06/11/2007
- GKP/MOL Assignment – 22/10/2007
- GKP/MOL Assignment and Novation Agreement – 30/10/2007
- GKP/MOL Amendment Agreement – 01/08/2010
- Arbat
- PSC – Shamaran – 28/08/2009
- Amendment Agreement – 01/08/2010
- Atrush
- PSC - Atrush - GEP - 10/11/2007
- First Amendment Agreement - 01/08/2010
- Marathon Gaurantee - 20/10/2010
- Marathon LOR - 20/10/2010
- TPI Assignment, Novation and Second Amendment Agreement - 20/10/2010
- Baranan
- PSC – Talisman – 15/06/2009
- Assignment Agreement – 26/07/2011
- Murphy LOR – 26/07/2011
- Talisman LOR – 26/07/2011
- Talisman/Murphy Guarantee – 26/07/2011
- Murphy TPI Assignment – 26/07/2011
- Barda Rash
- PSC – Komet – 20/06/2008
- Afren LOR – 27/07/2011
- Komet/Afren First Amendment Agreement – 27/07/2011
- Komet LOR – 27/07/2011
- Termination Agreement – 27/07/2011
- First Amendment Agreement and Completion Certificate – 07/09/2011
- Bazian
- PSC - KNOC - 10/11/2007
- Assignment Agreement - 17/11/2008
- Deed of Assignment and Novation - 12/12/2008
- Ber Bahr
- PSC - Genel Enerji - 31/03/2009
- GKP Assignment Agreement - 16/07/2009
- Assignment Novation and Amendment Agreement - 16/07/2009
- Third Amendment Agreement - 01/08/2010
- Bina Bawi
- PSC - Oil Search/A&T - 06/03/2008
- PSA - A&T - 29/03/2006
- EPSA - A&T - 26/02/2007
- Deed of Assignment and Novation - 01/04/2009
- OMV/A&T/Hawler Energy Assignment and Second Amendment Agreement - 01/08/2010
- Central Dohuk
- PSC - Murphy/Petroquest - 14/10/2010
- Murphy LOR - 14/10/2010
- Chia Surkh
- PSC - Longford/Petoil/Genel Enerji - 11/06/2009
- First Amendment Agreement - Longford/Petoil/Genel Enerji - 01/08/2010
- Dinarta
- PSC - Dinarta - HESS - 17/06/2011
- Dinarta - Petroceltic LOR - 26/07/2011
- Dinarta - Gaurantee - 27/07/2011
- Dinarta - HESS LOR - 26/07/2011
- Duhok
- PSC – DNO – 13/03/2008
- Amendment and Relinquishment Agreement – 10/09/2008
- Assignment Agreement – 31/03/2009
- Assignment and Amendment Agreement – 31/03/2009
- Third Amendment Agreement – 01/08/2010
- Erbil
- PSA Annex A – DNO – 25/06/2004
- PSA Annex C – DNO – 25/06/2004
- PSA – DNO – 25/06/2004
- PSC – DNO – 13/03/2008
- Garmian
- PSC - Western Zagros - 25/07/2011
- Western Zagros Gaurantee - 25/07/2011
- Western Zagros LOR - 25/07/2011
- Harir
- PSC - Marathon - 20/10/2010
- Marathon LOR - 20/10/2010
- Marathon Gaurantee - 20/10/2010
- Hawler
- PSC - Norbest - 10/11/2007
- KEPCO/KNOC Assignment Agreement - 17/11/2008
- AOG Guarantee - 09/08/2011
- AOG LOR - 09/08/2011
- Confidentiality and Release Agreement - 09/08/2011
- KNOC LOR - 09/08/2011
- Norbest LOR - 09/08/2011
- Second Amendment Agreement - 09/08/2011
- Certificate of Completion Executed - 10/08/2011
- Deed of Assignment and Novation
- Kurdamir
- EPSA - Western Zagros - 04/05/2006
- EPSA - Western Zagros - 26/02/2007
- PSC - Western Zagros - 28/02/2008
- Completion Agreement - 19/06/2008
- Talisman Third Party Agreement - 19/06/2008
- Talisman Third Party Agreement Annex A - 19/06/2008
- Amendment Agreement - 25/07/2011
- Completion Certificate - 25/07/2011
- Talisman/Western Zagros Guarantee - 25/07/2011
- Talisman LOR - 25/07/2011
- Western Zagros LOR - 25/07/2011
- First Amendment Agreement to TPPA - 25/07/2011
- Mala Omar
- PSC - OMV - 06/11/2007
- First Amendment Agreement - 01/08/2010
- Certificate of Completion - 31/08/2010
- Miran
- PSC - Heritage - 01/10/2007
- Heritage/Genel Enerji Assignment Agreement - 31/03/2009
- Heritage/Genel Assignment and Novation Agreement - 31/03/2009
- Third Amendment Agreement - 01/08/2010
- Piramagrun
- PSC - Repsol - 26/07/2011
- Repsol Guarantee - 26/07/2011
- Repsol LOR - 26/07/2011
- Pulkhana
- PSA - PetOil Petroleum and Petroleum Products International Exploration and Production Inc - 10/01/2003
- PSC - Shamaran/Petoil - 28/08/2009
- Amendment Agreement - 01/08/2010
- Qala Dze
- PSC – Repsol – 26/07/2011
- Repsol LOR – 26/07/2011
- Repsol Gaurantee – 26/07/2011
- Qara Dagh
- PSC - Niko/Vast/Groundstar - 28/04/2008
- Niko Assignment Agreement - 28/04/2008
- Assignment Novation and Amendment Agreement - 28/04/2008
- Second Amendment Agreement - 01/08/2010
- Qush Tapa
- PSC - KNOC - 21/06/2008
- Rovi
- PSC – Reliance – 22/12/2006
- PSC – Reliance – 06/11/2007
- First Amendment Agreement – 01/08/2010
- OMV/Reliance Second Amendment Agreement – 01/08/2010
- Second Amendment Agreement Certificate of Completion – 31/08/2010
- Safen
- PSC – Marathon – 20/10/2010
- Marathon LOR – 20/10/2010
- Marathon Gaurantee – 20/10/2010
- Sarsang
- PSC – Hillwood – 06/11/2007
- First Amendment Agreement – 26/08/2010
- Marathon Guarantee – 20/10/2010
- Marathon LOR – 20/10/2010
- TPI Assignment, Novation and Second Amendment Agreement – 20/10/2010
- Shaikan
- PSC – GKP/MOL – 06/11/2007
- First Amendment Agreement – 01/08/2010
- Shakrok
- PSC – Hess/Petroceltic – 26/07/2011
- Hess LOR – 26/07/2011
- Guarantee – 26/07/2011
- Petroceltic LOR – 26/07/2011
- Sangaw North
- PSC - Sterling - 10/11/2007
- Sterling/Addax Deed of Assignment and Novation - 15/09/2008
- KNOC Assignment Agreement - 17/11/2008
- Sterling/Addax/KNOC - Deed of Assignment and Novation - 12/12/2008
- Sangaw South
- PSC - KNOC - 21/06/2008
- Sarta
- PSC - Reliance - 22/12/2006
- PSC - OMV - 06/11/2007
- First Amendment Agreement - 01/08/2010
- Second Amendment Agreement - 01/08/2010
- Certificate of Completion - 31/08/2010
- Shakal
- PSA - PetOil Petroleum and Petroleum Products International Exploration and Production Inc - 10/01/2003
- PSA - Shakal/Trilax/Petoil - 25/02/2007
- PSC - Shakal/Oil Search/Petoil - 06/03/2008
- Amendment Agreement - 01/08/2010
- Sheikh Adi
- PSC - GKP - 16/07/2009
- First Amendment Agreement
- Shorish
- PSC - OMV - 06/11/2007
- Amendment Agreement - 01/08/2010
- First Amendment Completion Certificate - 31/08/2010
- Sindi Amedi
- PSC – Perenco – 02/10/2007
- Assignment Novation and Amendment Agreement – 24/08/2011
- First Amendment Completion Certificate – 24/08/2011
- First Amendment Guarantee – 24/08/2011
- Sulevani
- PSC - Petroquest - 14/10/2010
- Taq Taq
- PSA - Genel Enerji - 20/01/2004
- PSA - Genel Enerji - 21/11/2006
- PSA Annexes A, B, C - 21/11/2006
- PSC - Genel Enerji/Addax - 26/02/2008
- First Amendment Agreement - 01/08/2010
- Taq Taq: PSA Attachments - Genel Enerji - 2002
- Taq Taq: PSA - Genel Enerji - 2002
- Tawke
- PSA – DNO – 25/06/2004
- PSC - DNO - 13/03/2008
- Confirmation Agreement - 10/09/2008
- Indemnity Agreement - 10/09/2008
- Amendment and Relinquishment Agreement - 10/09/2008
- Assignment and Amendment Agreement - 31/03/2009
- Border Adjustment Amendment - 30/07/2009
- Sixth Amendment Agreement - 01/08/2010
- Taza
- PSC - Oil Search/Shamaran - 27/07/2011
- Guarantee - 27/07/2011
- Shamaran LOR - 27/07/2011
- Oil Search LOR - 27/07/2011
- Amended K42 Option Agreement - 28/08/2009
- Oil Search K42 Option Agreement - 16/07/2009
- Oil Search K42 Option Agreement PSC Annex - 16/07/2009
- Topkhana
- PSC - Talisman - 19/08/2011
- Option Agreement - 19/06/2008