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KRG nets $4.5bn Oil Revenues for 2019

The KRG’s Regional Council of Oil and Gas Affairs has published a report containing verified statistics covering the Kurdistan Region’s oil exports, consumption and revenues for 2019.

The report, available in Kurdish, English and Arabic, provides a quarterly analysis of oil export information and average prices, together with a consolidated annual overview.

The data verification was performed by Deloitte.

The KRG regularly assesses what additional disclosures would enhance the transparency of its oil and gas sector. Accordingly, with the release of the 2019 report, the KRG is now providing information on the prepayment balances it owes to oil traders.

The Regional Council for Oil and Gas Affairs acknowledges the positive feedback received so far from domestic and international stakeholders. The council reiterates its commitment to the people of Kurdistan that Deloitte will continue to independently review the region’s oil and gas sector.

A frequently asked questions handbook (also available in Kurdish, English and Arabic) will help readers to understand the report’s contents.

Please click here to download the full report.

(Source: KRG)

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Baghdad “Halts Payments to KRG”

By John Lee.

Baghdad is said to have stopped payments to the Kurdistan Regional Government (KRG).

Writing for Argus Media, Rowena Edwards says central government will also seek to recover payments made since the start of the year, in the absence of KRG transfers of crude oil, which were part of the as-yet-unsigned 2020 budget.

More here.

(Source: Argus Media)

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Oil Ministry Finalises Export Figures for December

By John Lee.

Iraq’s Ministry of Oil has announced final oil exports for November of 106,265,346 barrels, giving an average for the month of 3.428 million barrels per day (bpd), down from the 3.500 million bpd exported in November.

These exports from the oilfields in central and southern Iraq amounted to 103,090,550 barrels, while exports from Kirkuk amounted to 2,827,050 barrels. Exports to Jordan were 347,746 barrels.

Revenues for the month were $6.698 billion at an average price of $63.027 per barrel.

November export figures can be found here.

(Source: Ministry of Oil)

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Oil Exports Slightly Down in December

By John Lee.

Iraq’s Ministry of Oil has announced preliminary oil exports for November of 106,265,307 barrels, giving an average for the month of 3.428 million barrels per day (bpd), down from the 3.500 million bpd exported in November.

These exports from the oilfields in central and southern Iraq amounted to 103,090,550 barrels, while exports from Kirkuk amounted to 2,827,050 barrels. Exports to Jordan were 347,707 barrels.

Revenues for the month were $6.700 billion at an average price of $63.051 per barrel.

November export figures can be found here.

(Source: Ministry of Oil)

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What is the fate of Baghdad-Erbil’s Oil-for-Budget Agreement?

By Dana Taib Menmy for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

What is the fate of Baghdad-Erbil’s oil-for-budget agreement amid ongoing protests?

The Kurdistan Region of Iraq has vast proven oil and gas resources; however, mismanagement, corruption and ruling parties’ monopoly on power have brought the region to the brink of financial collapse amid longstanding controversies with the Iraqi government over the region’s share of federal budget.

Following extensive negotiations, the Kurdistan Regional Government (KRG) announced Nov. 27 that a final oil-for-budget deal with the Iraqi federal government had been reached in which the KRG agreed to submit 250,000 barrels per day of crude oil to Iraqi State Oil Marketing Company in return for receiving a fair share of the country’s budget for 2020.

The KRG currently produces 500,000 barrels per day, and has been exporting most of its oil independently through Turkey since 2013.

Click here to read the full story.

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What is the fate of Baghdad-Erbil’s Oil-for-Budget Agreement?

By Dana Taib Menmy for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

What is the fate of Baghdad-Erbil’s oil-for-budget agreement amid ongoing protests?

The Kurdistan Region of Iraq has vast proven oil and gas resources; however, mismanagement, corruption and ruling parties’ monopoly on power have brought the region to the brink of financial collapse amid longstanding controversies with the Iraqi government over the region’s share of federal budget.

Following extensive negotiations, the Kurdistan Regional Government (KRG) announced Nov. 27 that a final oil-for-budget deal with the Iraqi federal government had been reached in which the KRG agreed to submit 250,000 barrels per day of crude oil to Iraqi State Oil Marketing Company in return for receiving a fair share of the country’s budget for 2020.

The KRG currently produces 500,000 barrels per day, and has been exporting most of its oil independently through Turkey since 2013.

Click here to read the full story.

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KRG Delays Payments to Oil Firms

By John Lee.

The Kurdistan Regional Government (KRG) has delayed payments to oil producers by several weeks.

In statements to the markets on on Thursday, Genel Energy, Gulf Keystone Petroleum (GKP) and Shamaran Petroleum said that payments relating to invoices for oil production in August and September, which were due to be paid in November and December, will be received in January 2020.

(Sources: Genel Energy, Gulf Keystone Petroleum (GKP), Shamaran Petroleum)

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KRG Delays Payments to Oil Firms

By John Lee.

The Kurdistan Regional Government (KRG) has delayed payments to oil producers by several weeks.

In statements to the markets on on Thursday, Genel Energy, Gulf Keystone Petroleum (GKP) and Shamaran Petroleum said that payments relating to invoices for oil production in August and September, which were due to be paid in November and December, will be received in January 2020.

(Sources: Genel Energy, Gulf Keystone Petroleum (GKP), Shamaran Petroleum)

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Oil Exports Slightly Up in October

By John Lee.

Iraq’s Ministry of Oil has announced preliminary oil exports for November of 105,014,772 barrels, giving an average for the month of 3.500 million barrels per day (bpd), up from the 3.447 million bpd exported in October.

These exports from the oilfields in central and southern Iraq amounted to 102,005,095 barrels, while exports from Kirkuk amounted to 2,381,065 barrels, and from Qayara 293,962 barrels. Exports to Jordan were 334,650 barrels.

Revenues for the month were $6.282 billion at an average price of $59.821 per barrel.

October export figures can be found here.

(Source: Ministry of Oil)

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Oil Exports Slightly Up in November

By John Lee.

Iraq’s Ministry of Oil has announced preliminary oil exports for November of 105,014,772 barrels, giving an average for the month of 3.500 million barrels per day (bpd), up from the 3.447 million bpd exported in October.

These exports from the oilfields in central and southern Iraq amounted to 102,005,095 barrels, while exports from Kirkuk amounted to 2,381,065 barrels, and from Qayara 293,962 barrels. Exports to Jordan were 334,650 barrels.

Revenues for the month were $6.282 billion at an average price of $59.821 per barrel.

October export figures can be found here.

(Source: Ministry of Oil)