At present the Kurdistan Region is home to an increasing number of discovered oil and gas fields, with estimated proven reserves of 45 billion barrels (as well as 25 billion barrels of potential reserves) and 100 – 200 trillion cubic feet (TCF) of natural gas reserves.

The Kurdistan Region is an autonomous Federal Region within Iraq that has an independent executive, parliament and judiciary that is adherent to the Iraqi Constitution of 2005. Within this democratic framework the Kurdistan Regional Government (KRG) passed the Kurdistan Oil and Gas Law in 2007.

The Ministry of Natural Resources (MNR) has structured the industry framework around the internationally recognized Production Sharing Contract (PSC) model in order to attract global expertise from the world’s leading International Oil Companies.