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Forza Petroleum on Kurdistan Region Oil and Gas Law Ruling

Forza Petroleum acknowledges Iraq's ruling of the Kurdistan Regional Government Law No. 28 of 2007 as unconstitutional.

Acknowledged by Forza Petroleum Limited, the Kurdistan Regional Government Law No. 28 of 2007, which oversees the oil and gas sector in Iraq's Kurdistan Region, was declared unconstitutional by the Iraqi Federal Supreme Court on February 15, 2022.

The Iraqi Ministry of Oil may also seek to have Production Sharing Contracts signed by the Kurdistan Regional Government annulled, according to the Court's decision.

The Kurdistan Regional Government opposes the Court's decision, declaring that it will use all constitutional, legal, and judicial means to protect and preserve all contracts established in the oil and gas industry; as per a released statement on February 16, 2022.

At the Corporation's Hawler license region, normal operations are being conducted. Forza Petroleum will discuss the potential implications of the Court's decision on the Hawler licensing area and related operations with its partners at the Kurdistan Region's Ministry of Natural Resources.

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