Kurdistan Region publishes latest independent report on oil production, exports

ERBIL (Kurdistan 24) – The Kurdistan Regional Government (KRG) publicized an independent audit report it had commissioned that includes detailed statistics of its activity in the autonomous region of Iraq. 

The Regional Council for Oil and Gas Affairs published the new data, which covers the period from January 1st to June 30, 2021, after a regular periodic review of the sector by the international “Big 4” audit and consulting firm, Deloitte.

Beginning in 2019, the KRG began providing information about the prepayment balances it owed to oil traders. Later, in 2020 the disclosures were expanded to include reconciling production, exports, and domestic consumption.

According to the data, the first half of 2021 saw the KRG exporting 77.35 million barrels through the Kurdistan Export Pipeline with an additional 3.95 million barrels that had been allocated to domestic refineries, with 76.869 million barrels of crude exported to buyers through the port in Ceyhan with an average price of $53.446 per barrel.

The KRG generated $4.1 billion in crude oil export sales during the first half of 2021. After making payments to oil producers, pipeline operators, and buyers, the KRG retained net revenue from crude oil sales of $1.737 billion.

The KRG added that transparency "is considered one of the priorities of the Cabinet's agenda, as the Kurdistan Regional Government regularly evaluates additional disclosures that would enhance the transparency of the oil and gas sector in the region."

Starting in 2019, the KRG began providing information about the prepayment balances it owes to oil sellers, and in 2020 the disclosures were expanded to include matching between production, exports, and domestic consumption.