Baker Hughes is one of the world's largest oil field services companies, providing oil well products and services, well formation and completion assessment, and production and reserves consulting to the oil and gas industry, an economist said.
Nabil al-Marsumi, an economist, told Iraqi media that the company has decided to withdraw from the oil fields in the Kurdistan Region and expressed its compliance with the decision of the Iraqi Federal Supreme Court on the oil of the Kurdistan Region.
Baker Hughes operates in more than 120 countries, has assets of $38 billion and 60,000 employees. The company has several operations in the Kurdistan Region.
“While Baker Hughes is currently engaged in associated gas investments for oil extraction from the Nasiriyah and Al Gharaf fields in Ziqar province, with a capacity of 200 million cubic feet of standard gas per day, in addition to producing 1,000 tonnes of liquefied gas and 900 cubic meters of condensate a day, at a cost of $370 million.”
The Iraqi Supreme Court has ruled that the Kurdistan Regional Government (KRG) passed a law to manage the oil and gas sector in 2007, which is unconstitutional.