Anglo-Turkish Genel Energy Increasing Presence in Northern Iraq

China National Petroleum Corp (CNPC) has emerged as the frontrunner to take over Iraq’s West Qurna-1 oilfield from Exxon Mobil, a move that would diminish Western oil influence in Iraq a decade after the U.S.-led invasion. U.S. oil major Exxon is giving up its stake in the giant southern oilfield after clashing with the central government in Baghdad over exploration contracts it had signed with the autonomous Kurdistan region in the north.

By Marco G.:The price of Brent crude has spent most of 2011 above $100 USD per barrel, and is now hovering around $117, threatening to break even higher. (Click on chart to enlarge)

Turkish warplanes on Thursday bombed dozens of Kurdish rebel targets in neighbouring northern Iraq, in one of the biggest raids in recent years, Turkish and Kurdish media reports said.About 20 fighter jets took part in the operation that targeted positions of the Kurdistan Workers' Party (PKK) in the Zap-Khakurk region of the Kurdish-held autonomous north of Iraq, the NTV news channel reported.Nearly 50 targets were hit in day-long missions carried out mainly on intelligence passed on by the United States, it said.

Genel Energy (GENL) is hot right now, with new April finds in Northern Iraq, a targeted uptick in production here, as well as a new gas-to-oil pipeline conversion to come on line this year. The latest feather in its cap is the securing of a rig contract for offshore drilling in its Africa portfolio. In late April, Anglo-Turkish Genel announced the successful testing of a second well in its Chia Surkh license in the eastern territory in Northern Iraq (Kurdistan), near the border with Iran.

BAGHDAD — A suicide bomber driving a vehicle packed with explosives blew himself up outside the offices of a major Kurdish party in northern Iraq early Wednesday, the deadliest in a wave of morning attacks that killed at least 31 people across the country.

Vallares, the investment vehicle led by former BP boss Tony Hayward, said Wednesday it had agreed to buy Genel Energy International, the largest oil producer in the Kurdistan region of Iraq, for $2.1 billion."The transaction is subject to the approval of the Kurdistan Regional Government which is expected to be given later this month," Vallares said in a statement.

US energy giant ExxonMobil has told the Iraqi oil ministry that it has "frozen" its controversial contract with the country's autonomous Kurdish region, a government official told AFP on Saturday.The regional government denied that claim, saying officials hold regular meetings with company executives and that they had made no such announcement.On October 18, Kurdish authorities signed a deal with ExxonMobil for it to explore six areas in Kurdistan, but Baghdad regards as invalid any contracts not signed with the central government.

Reuters - Iraq's leadership has changed the draft of a long awaited oil and gas law in a way that would give central government more control over the country's vast crude reserves and provoke a clash with the semi-autonomous Kurdistan region.