April oil export generates $376m

Almost US $59m out of $376m was given to the oil companies in the Kurdistan Region in April, according to KRG Ministry of Natural Resources (MNR) report on Thursday.

ERBIL, Kurdistan Region (Kurdistan24) – The Kurdistan Regional Government (KRG) Ministry of Natural Resources (MNR) released its monthly report on Kurdistan Region’s crude oil export in April. The Region has reportedly exported 15,356,651 barrels of crude oil in total, generating $376m profit.

About US $59m of the $376m was given to oil companies in the Kurdistan Region in April, according to MNR report.

The volume mentioned was exported through the Kurdistan Region oil pipeline to the port of Ceyhan in southeastern Turkey.

The report also explains that KRG has exported 511,888 barrels per day (bpd) on average in April. “During the month of April, there were approximately 7 hours of downtime for the export pipeline,” read the report.

It also states that the buyers of the Kurdistan Region crude oil have lifted 17 cargoes in Ceyhan, totaling 15,267,542 barrels. This is based on the volumes allocated to them under their contracts.

Regarding the revenue of the oil exported in April, MNR says, “The KRG received $376,395,901 on [its] account in April from its crude oil export, of which $58,895,901 was allocated to the producers.” 

“In addition, one cargo of 1,025,828 barrels of oil was allocated to contractor no. 3 against its 2015 prepayments, so no new payment was payable against this cargo,” the report added.

In summary, 14,241,714 crude oil barrels were sold in Ceyhan, and 1,025,828 barrels of crude oil were lifted in the port against 2015 debt. The gross export revenue received in April was $376,395,901.


Reporting by Mewan Dolamari
Editing by Ava Homa