The Iraqi State Oil Marketing Organization (SOMO) announced that the oil agreement has reached its final stage and is nearing signing to resume exports from the Kurdistan Region.

SOMO stated that "the government will soon announce the date for the resumption of oil exports."

The SOMO statement comes after a source from the North Oil Company told Channel8 yesterday that the agreement has already been signed between the KRG Ministry of Natural Resources, the Iraqi Ministry of Oil, and oil companies.

The source added that they are waiting for an official letter to resume oil exports.

SOMO reportedly has completed all necessary preparations to restart exports.

Companies Reassured on Financial Entitlements

Addressing concerns from companies about guaranteeing their financial rights following the resumption of exports, SOMO said that “the companies have been reassured about their financial entitlements.”

Federal Authorities to Guarantee Payments

A source in the Iraqi Oil Ministry earlier told Channel8 that the federal government will be responsible for paying the financial entitlements of oil companies, estimated at $16 per barrel, as outlined in the budget law.

DNO Welcomes Deal with Conditions

Meanwhile, Norwegian oil and gas operator DNO welcomed the deal, while emphasizing that any restart must be supported by firm guarantees for both overdue payments and future revenues.

Turkey Signals No Obstacles

Bloomberg quoted Turkish officials as saying that Ankara would not impose any obstacles to oil exports, provided the Iraqi parties reach an agreement, adding that Iraq has informed Turkish officials that exports will resume in the coming days.