KRG sold 16.1 million barrels of oil during October

ERBIL, Kurdistan Region (Kurdistan24) – The Kurdistan Regional Government’s (KRG) Ministry of Natural Resources (MNR) on Monday released their monthly oil report for October.

The MNR’s report of October’s oil production and revenue revealed the KRG had produced 17,505,175 barrels in the last month amounting to over 564,000 barrels per day (bpd).

A total of 49,388 bpd, an overall of 1,531,028 barrels of oil in the month, were produced in the oilfields controlled by Iraq’s North Oil Company (NOC) in Kirkuk, the MNR reported.

The KRG exported 16,766,563 barrels of oil, an average of 540,857 bpd, generating $636 million for the sold crude oil during the month of October.

“The KRG sold its crude oil with an average of $39.32 per barrel,” the report added.

According to the report, the KRG allocated over $74 million for international oil producing companies, $153.8 million was retained by buyers for past prepayments, and an additional $44.8 million provided for Kirkuk petrodollar, electricity costs, and other payments.

“Net cash balance retained by the KRG for October Ceyhan oil sales is $363.1 million,” the MNR report continued.

Moreover, the report mentioned the KRG had received $53 million as a new prepayment against the future lifting of crude oil.

“Total net amount received in the month of October by the KRG is $416.5 million,” the MNR report stated.

The Ministry concluded that “the amount of money plus other income generated locally by MNR, was received by the KRG to fund the salaries of KRG employees.”

In September, the KRG exported 12,763,566 barrels of crude oil in total during the month of August, an average of 411,727 barrels a day, generating $413.9 million for the sold oil.

Editing by Karzan Sulaivany