KRG publishes report on oil exports, revenues for Q3 2018, welcomes ‘positive feedback’

ERBIL (Kurdistan 24) – The Kurdistan Regional Government’s (KRG) Regional Council for Oil and Gas Affairs on Wednesday published a report for the third quarter of its 2018 oil exports, consumption, and revenues.

The report, which auditing firm Deloitte conducted, provides statistics and reviews the KRG’s “oil production, export, consumption and revenue” for the period between July 1 to Sept. 30, 2018.

According to the audit, the KRG piped about 35.2 million barrels of exported and consumed oil during the three-month period, an average of 11.7 million barrels per month.

The remaining crude consisted of “swaps of crude oil for diesel, and heavy fuel oil for use in KRG power plants” as well as “local sales.”

The KRG sold its exported crude oil at an average of USD 63.098 per barrel and USD 67.734 per barrel at the local level with a gross value of over USD 2.2 billion.

According to the report, the net cash received by the KRG for the period sales and related activities was about USD 1.3 billion.

In a statement published on its website, the KRG confirmed the publication of “verified data” following “a review of the [oil] sector by the international ‘Big 4’ audit and consulting firm, Deloitte.”

It added that the regional government welcomes “the positive feedback from stakeholders, including the international community.”

The KRG reiterated “its commitment to the people of Kurdistan that the two international audit firms, Deloitte and Ernst & Young, will continue to independently review the oil and gas sector, inclusive of all the streams.”