Iraq Confirms Oil Exports for June Exceeded $6bn

By John Lee.

Iraq's Ministry of Oil has announced finalised oil exports for June of 86,765,589 barrels, giving an average for the month of 2.892 million barrels per day (bpd), slightly down from the 2.899 million bpd exported in May.

The exports from the oilfields in central and southern Iraq amounted to approximately 83,690,352 barrels, while exports from Kirkuk amounted to 3,075,237 barrels.

Revenues for the month were $6.143 billion at an average price of $70.801 per barrel.

May's export figures can be found here.

(Source: Ministry of Oil)

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Will Baghdad, Erbil fulfil Budget Obligations?

From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

With deal in hand, will Baghdad, Erbil fulfil budget obligations?

To what extent will the Kurdistan region of Iraq (KRI) be seriously committed to the provisions of the federal budget now that it has been approved?

And will the convulsions of the bilateral relationship between Erbil and Baghdad reappear if one of them violates these provisions or does not abide by them?

The full report can be viewed here (registration required).

The post Will Baghdad, Erbil fulfil Budget Obligations? first appeared on Iraq Business News.

Iraq Oil Exports for June Exceed $6bn

By John Lee.

Iraq's Ministry of Oil has announced preliminary oil exports for June of 86,765,589 barrels, giving an average for the month of 2.892 million barrels per day (bpd), slightly down from the 2.899 million bpd exported in May.

The exports from the oilfields in central and southern Iraq amounted to approximately 83,690,352 barrels, while exports from Kirkuk amounted to 3,075,237 barrels.

Revenues for the month were $6.141 billion at an average price of $70.778 per barrel.

May's export figures can be found here.

(Source: Ministry of Oil)

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Iraq Oil Revenues almost $6bn in May

By John Lee.

Iraq's Ministry of Oil has announced finalised oil exports for May of 89,881,268 barrels, giving an average for the month of 2.899 million barrels per day (bpd), slightly down from the 2.947 million bpd exported in April.

The exports from the oilfields in central and southern Iraq amounted to approximately 86,820,355 barrels, while exports from Kirkuk amounted to 3,060,913 barrels.

Revenues for the month were $5.918 billion at an average price of $65.842 per barrel.

April's export figures can be found here.

(Source: Ministry of Oil)

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Genel Energy receives March Oil Payments from KRG

Genel Energy has announced that payments have been received from the Kurdistan Regional Government ('KRG') for its entitlement for oil sales during March 2021.

Those payments are made up as follows:

(all figures $ million) Payment
Tawke 14.3
Taq Taq 2.1
Sarta 3.4
Total 19.8

As announced on 13 May, Genel and other KRI operators received a letter from the KRG proposing an amendment to the recovery mechanism and payment schedule for monies owed for oil sales from November 2019 to February 2020 and the suspended override from March to December 2020.

The entitlement payments for oil sales were, in line with other operators, received ahead of the proposed amended schedule.

The Company has not yet received payments for March's invoices under the recovery mechanism, regarding which it is engaging with the KRG on their proposed amendments, nor the Tawke override.

Assuming the proposed revision to the terms of recovery stands, the recovery payment will be $3.1 million. The override payment will be $8.2 million. Given the proposed new schedule, Genel expects to receive both payments shortly.

(Source: Genel Energy)

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Iraq Finalises Oil Exports for April

By John Lee.

Iraq's Ministry of Oil has announced finalised oil exports for April of 88,398,319 barrels, giving an average for the month of 2.947 million barrels per day (bpd), effectively the same as the 2.946 million bpd exported in March.

The exports from the oilfields in central and southern Iraq amounted to approximately 85,534,916 barrels, while exports from Kirkuk amounted to 2,863,403 barrels.

Revenues for the month were $5.550 billion at an average price of $62.779 per barrel.

March's export figures can be found here.

(Source: Ministry of Oil)

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KRG amends Oil Payment Terms; Share Prices Fall

By John Lee.

Shares in oil companies operating in Iraqi Kurdistan have been hit by a change in payment terms imposed by the Kurdistan Regional Government (KRG).

Genel Energy, Gulf Keystone Petroleum (GKP) and DNO this morning reported to the markets that they have received letters from the KRG proposing an amendment to payment terms due to the ongoing challenges in Iraq with the COVID-19 pandemic, starting with the March 2021 production invoice.

They said that since the dated Brent price has remained consistently well above $50 per barrel, the monthly repayment of outstanding arrears will now be calculated as 20 percent (compared to 50 percent previously) of the difference between the average monthly dated Brent price and $50 per barrel.

The KRG added that payment terms will be 60 days after the submission of invoices, and that the KRG will re-evaluate this payment model should markets see substantial volatility.

The oil companies have not agreed to these terms, and are seeking discussions with the KRG.

Shares in Genel Energy were down more than 12 percent before recovering slightly, while Gulf Keystone Petroleum (GKP) fell more than 6 percent before recovering slightly. The Oslo Stock Exchange, on which DNO is traded, is closed for the Ascension Day holiday.

(Sources: GKP, Genel Energy, DNO)

The post KRG amends Oil Payment Terms; Share Prices Fall first appeared on Iraq Business News.

Iraq Oil Export Volumes Flat for April

By John Lee.

Iraq's Ministry of Oil has announced preliminary oil exports for April of 88,398,319 barrels, giving an average for the month of 2.947 million barrels per day (bpd), effectively the same as the 2.946 million bpd exported in March.

The exports from the oilfields in central and southern Iraq amounted to approximately 85,534,916 barrels, while exports from Kirkuk amounted to 2,863,403 barrels.

Revenues for the month were $5.525 billion at an average price of $62.505 per barrel.

March's export figures can be found here.

(Source: Ministry of Oil)

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Iraq Finalises Oil Exports for March

By John Lee.

Iraq's Ministry of Oil has announced finalised oil exports for March of 91,311,929 barrels, giving an average for the month of 2.946 million barrels per day (bpd), down slightly from the 2.960 million bpd exported in February.

These exports from the oilfields in central and southern Iraq amounted to approximately 88,240,184 barrels, while exports from Kirkuk amounted to 3,071,745 barrels.

Revenues for the month were $5.789 billion at an average price of $63.371 per barrel.

February's export figures can be found here.

(Source: Ministry of Oil)

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DNO announces Ramp-Up of Oil Production in Iraq

DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 54.0 million net to the Company from the Kurdistan Regional Government (KRG), of which USD 35.2 million represents DNO's entitlement share of February 2021 crude oil deliveries to the export market from the Tawke license in Kurdistan.

Of the balance, USD 4.6 million is an override payment equivalent to three percent of gross February 2021 Tawke license revenues under the August 2017 receivables settlement agreement and USD 14.2 million is a payment towards the Company's arrears relating to withheld payment of Tawke license 2019 and 2020 entitlement and override invoices.

Following receipt of the latest arrears payment, the outstanding balance has dropped from USD 259.0 million at the end of 2020 to USD 238.6 million.

DNO operates and has a 75 percent stake in the Tawke license, which contains the Tawke and Peshkabir fields, with partner Genel Energy plc holding the balance.

With resumption of payments, the partners have stepped up drilling of new wells at Peshkabir and workovers of existing wells at Tawke in 2021, raising gross operated license production from an average of 110,300 barrels of oil per day (bopd) in 2020 to 110,900 bopd in January, 112,000 bopd in February, 113,100 bopd in March and 115,500 bopd month-to-date in April.

(Source: DNO)

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