KRG: Deloitte releases third report on Kurdistan oil exports, consumption, revenues

ERBIL (Kurdistan 24) – The Kurdistan Regional Government (KRG) has released its third report conducted by Deloitte highlighting the Region’s oil production, consumption, exports, and revenues for the first quarter of 2018.  

On Monday, via a statement on its website, the KRG released data and information about its oil exports, consumption, and financial flows for the first three months of 2018 which was reviewed by the international “Big 4” audit and consulting firm, Deloitte.

“Today, new verified data on the Kurdistan Region’s oil exports, consumption, and revenues have been published, covering the period from Jan. 1, 2018, to March 31, 2018, after a review of the sector” by Deloitte, the statement said.

“The Regional Council of Oil and Gas Affairs expects the release of the fourth report covering oil exports, consumption, and revenues for second quarter of 2018 (April 1 to June 30) in the near future.”

According to the Deloitte report, out of 30.5 million barrels of oil for exportation and local consumption, the KRG shipped over 28.3 million barrels through Turkey during the mentioned period, an average of 9.4 million per month.

The report mentioned that the KRG sold its crude oil via pipeline at an average of $54.81 per barrel, generating over $1.5 billion.

The report noted that the gross value of crude oil sold through the Kurdistan-Turkey pipeline, including trucks exports and local sales, is $1.6 billion. It added that the net cash balance received by the KRG for the first quarter of 2018 sales was over $648,589,443.

On Aug. 1, the KRG released a second report conducted by Deloitte which highlighted new data on the Kurdistan Region’s oil and gas exports, consumption, and revenues for the second half of 2017.

In January 2017, the KRG released its first report, also reviewed by Deloitte, for the first half of 2017.

The two international audit firms, Deloitte and Ernst & Young, will continue to review the oil and gas sector independently, inclusive of all the streams, the KRG statement concluded.

Editing by Karzan Sulaivany