The oil is being exported from the Taq Taq field in the province of Irbil.

CNN: Iraqi Kurds begin exporting oil

Yet when Taq Taq starts producing, 90% of the oil will go to the KRG as a royalty.

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This blazing fire and billowing black smoke came from a test drill at Taq Taq, an oilfield 30 miles southwest of Irbil in the Kurdish region.

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Kurdish officials and representatives from Genel Enerji, a Turkish company working in Taq Taq, said initially only 40, 000 barrels of oil would be exported a day.

CNN: Iraqi Kurds begin exporting oil

Adjacent to the ridge formation that marks Bina Bawi is a field called Taq Taq, where a Swiss-Canadian outfit, Addax Petroleum, says it found 2 billion barrels in September.

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In 2005 he became one of the earliest western investors to take a chance on the Kurdish oilpatch, partnering with Turkish oil company Genel to develop the supergiant Taq Taq field.

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Meantime, Gandur and Genel will likely start construction of a refinery near Taq Taq that would take 20, 000 barrels a day and provide a vital supply of indigenous gasoline to the Kurds.

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Considering the results from three other wells already completed, engineers figure that Taq Taq holds more than 2.7 billion barrels of high-quality crude and could produce as much as 200, 000 bpd for ten years.

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