Total keen on Kurdistan oil and gas industry – but not yet

Total said in mid-February that it would like to invest in Kurdistan’s oil and gas industry, indicating that the Iraqi government’s fourth-round licensing terms were not very attractive

But the company is not ready to invest and is wary of gaining approval from the Kurdistan Regional Government (KRG), as well as central government permission before striking any deal. “In Kurdistan, you can’t do anything without KRG approval and then probably Baghdad,” Total chief executive officer Christophe de Margerie said. “The way you buy a company or assets doesn’t change the way you must secure approval. It’s not the way to bypass the system.” He added that Total would continue with its long-held plan to not buy companies, but to look for value in reserves. “You can buy assets without buying the company. The idea is to buy assets. We are not the first company to look at opportunities