The KRG intends to build two oil companies aimed at returning more revenue to the government saves, one of which is looking for oil and the other is exporting and selling the oil.

Rebwar Babakai, a member of the Kurdistan Parliament's Energy and Natural Resources Committee, said the presence of local oil companies would benefit the KRG's revenues.

"The government's attempt is a strategic thought to solve the region's oil problem, as 47% of the KRG's revenues were spent and wasted on finding the oil by the companies," he said.

An oil expert revealed: The company (krok) will be established and the company's job is to find and search for oil, while (Como) will be exporting and selling the oil.

Meanwhile, in February this year, the Iraqi Supreme Federal Court ruled the Kurdistan Region's oil and gas law illegal, demanding that the region's oil be managed by the Iraqi government and that a joint company be established between the two governments and supervised by Baghdad.