Economy

Gross value of crude oil sold by KRG in first quarter of 2022 exceeded $3 billion: Deloitte

“The KRG’s total exported and consumed crude oil during January 1 to March 30, 2022, was 39,088,710 barrels of oil per day (bbls).”

Dler S. Mohammed 2022/07/18 15:57

An engineer walks on the grounds of the Khurmala oilfield, 10 km south of Erbil, the capital of the Kurdistan Region, July 18, 2009 (Photo: Safin Hamed/AFP)

Kurdistan Deloitte Krg Kurdistan Region KRG Oil and Gas KRG energy sector Kurdistan Region energy sector

ERBIL (Kurdistan 24) – Deloitte, one of the world’s leading accounting firms, released its review of the Kurdistan Regional Government’s (KRG) oil production, exports, and revenue for the first quarter of 2022 on Monday.

“The KRG’s total exported and consumed crude oil during January 1 to March 30, 2022, was 39,088,710 barrels of oil per day (bbls),” read the Deloitte review. “The piped export of the KRG crude oil during that period was 36,453,590 bbls.”

“Crude oil delivered for the KRG Ministry of Natural Resources (MNR) refining was 2,226,083 bbls,” it added.

“Sales to refineries were 284,601 bbls, and the local sales were 124,436 bbls.”

The gross value of crude oil sold by the KRG in the quarter was $3,028,903,497.

Deloitte also revealed that “the gross value of crude oil and condensate sold, including piped exports and local sales during the same period was $3,063,356,891.”

“We did not identify any misstatements in the January 1 to March 31, 2022 oil export and consumption data,” the review noted. “We did not identify any misstatements in the January 1 to March 31, 2022 oil sales data and the net amount received in the period by the KRG.”

According to its official website, Deloitte is “a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax, and related services. Its member firms in more than 150 countries and territories serve four out of five Fortune Global 500 companies.”