KRG releases first report on oil exports, revenues in 2017

ERBIL, Kurdistan Region (Kurdistan 24) – The Kurdistan Regional Government (KRG) on Tuesday released its first report on oil and gas production, export, and revenues for the first half of 2017.

The semiannual report was conducted by the international auditing company, Deloitte, “to prove [the KRG’s] commitment to transparency in the entire oil and gas sector of the Kurdistan Region,” a statement on the government’s website read.

“That includes verified numbers of export and sales of oil in the Kurdistan Region for the first six months of 2017,” the statement continued, adding the total revenue generated from oil sales—from January to June—is USD 3,328,211,119, after deducting expenses.

According to the report, average crude sale prices for the Kurdistan Region’s oil during the mentioned period was USD 41.29 per barrel for exported oil through pipelines, at a time when the average Dated Brent price was approximately USD 51.71 per barrel.

“The KRG considers the auditing process an important step [toward] strengthening transparency in the oil and gas sector of the Kurdistan Region,” the statement read. “This is the first time that reputable and major international companies audit the oil and gas sector in Kurdistan.”

The KRG statement concluded that the validated numbers for the second half of 2017, and for the past years would be released to the public in the near future. 

Editing by Karzan Sulaivany