Forza Petroleum Welcomes Agreement to Resume Oil Exports via Iraq-Turkey Pipeline
27 September 2025
Calgary, Alberta, February 27, 2025
Forza Petroleum is pleased to confirm that crude exports from the Hawler area license via the Iraq-Turkey Pipeline commenced on Saturday 27 September 2025. The pipeline was reopened following agreements between the Federal Government of Iraq, the Kurdistan Regional Government, and a consortium of International Oil Companies (“IOCs”), including Forza Petroleum.
An interim compensation mechanism has been put in place to allow exports to resume, and all parties have agreed for an internationally recognized independent consultant to perform a review to confirm the appropriate compensation due to IOCs under existing commercial contracts and models. An adjustment will be applied based on the consultant's work, which we believe will yield an export market price for Forza’s entitlement. Once the adjustment is approved, it is expected to apply on a go-forward basis, as well as retroactively to the commencement of exports on September 27, 2025. First payment under the interim export sales agreement is expected in December 2025, with subsequent liftings paid under standard 30-day payment terms.
Shane Cloninger, CEO of Forza Petroleum, commented: “We are pleased to share this important and long-awaited update. After nearly two and a half years we have successfully resumed international oil exports from the Kurdistan region early this morning. This marks a major milestone for our organization and the wider oil and gas industry in the Kurdistan region of Iraq. The restart of exports is an essential step toward normalizing oil prices in the region, which we hope will pave the way to renewed investment and increased production in the months and years ahead.”