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Be the first with the news that moves the market- Forza Petroleum (FORZ) has announced a suspension of production in Iraq due to a pipeline shutdown
- The shutdown is tied to an arbitration decision by the International Chamber of Commerce impacting exports by the Kurdistan Regional Government through Turkey’s port of Ceyhan
- Discussions between the Kurdistan and Federal governments about new oil and gas legislation are underway to remedy the situation
- Forza Petroleum is an international oil exploration, development and production company active in Iraq
- Forza Petroleum (FORZ) last traded at $0.21 per share
Forza Petroleum (FORZ) has announced a suspension of production in Iraq.
The decision follows a notification from the operator of the Kurdistan Oil Export Pipeline to OP Hawler Kurdistan, Forza’s operating subsidiary in the Kurdistan Region of Iraq, of a pipeline shutdown.
The shutdown relates to an arbitration decision by the International Chamber of Commerce impacting exports by the Kurdistan Regional Government through the port of Ceyhan in Turkey.
Exports from the port may only resume with consent from the Federal Government of Iraq.
Storage at Hawler stood near full capacity at the time of the shutdown.
Discussions between the Kurdistan and Federal governments about new oil and gas legislation are underway to restart oil exports from the Kurdistan Region.
Forza is engaged with the Ministry of Natural Resources of the Kurdistan Regional Government to navigate the situation.
Forza Petroleum is an international oil exploration, development and production company. The company holds a 65-per-cent working interest in and operates the producing Hawler license area in the Kurdistan Region of Iraq.
Forza Petroleum (FORZ) last traded at $0.21 per share.
