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Kurdistan-focused oil and gas companies are suffering, but hanging on

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06 July 2016

Kurdistan-focused oil and gas companies are suffering, but hanging on

Report summary

Times are tough in the Kurdistan Region of Iraq. The low oil price has added to the Kurdistan Regional Government's financial woes. As a result, Kurdistan-focused companies have suffered from a lack of payments from the KRG, and recent reserve downgrades along with low oil prices have increased the strain. Yet, we expect the Kurdistan-focused IOCs, with the possible exception of Gulf Keystone, to survive in the short-term. However, more will struggle if the climate doesn’t improve over the coming two to three years. 

Table of contents

  • Executive summary
    • Although regular payments to IOCs have restarted, they remain at risk
      • Reserve downgrades have knocked confidence in the region
      • Companies look to bide time until climate improves
        • Net cash flow from upstream operations and gearing for Kurdistan-focused companies
    • Cost control is an area of focus
    • M&A deals are unlikely, but more relinquishment possible
  • Revised investment plans reduce the supply outlook

Tables and charts

This report includes 8 images and tables including:

  • Kurdistan production profile
  • Kurdistan-focused oil and gas companies are suffering, but hanging on: Image 4
  • Kurdistan-focused oil and gas companies are suffering, but hanging on: Image 5
  • Regional M&A deals
  • Change in commercial and technical reserves, Q4 2014 to Q2 2016
  • Share price since 01 Jan 2014 - indexed
  • Kurdistan-focused oil and gas companies are suffering, but hanging on: Table 1
  • Kurdistan-focused oil and gas companies are suffering, but hanging on: Image 3

What's included

This report contains:

  • Document

    Kurdistan-focused oil and gas companies are suffering, but hanging on

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