KRG exports 15M barrels of crude oil in June

ERBIL, Kurdistan Region (Kurdistan) – On Monday, the Kurdistan Regional Government’s (KRG) Ministry of Natural Resources released its monthly report for the month of June's gas and crude oil export.

According to the MNR report, the KRG exported 14,997,250 barrels of crude oil in total, an average of 567,068 barrels per day, the KRG revenues from the oil sale through the Kurdistan pipeline network to the port of Ceyhan in Turkey was $561 million.

The KRG produced nearly 17 million of crude oil, from the net oil production, 2.014 million barrel were refined locally at the Kalak and Bazian refineries, MNR report read.

The MNR report states that the KRG produced 9,356 million metric standard cubic feet (mmscf) of gas, an average of 311.9 mmscf per day. “All of the net gas production was supplied to electricity generation plants,” the report added.

Out of the $561 million payments, the KRG allocated $81 million to main producers according to their PSC entitlements, $97 million to pay down past prepayments, and $30 million and allocation of $30 million to minor producers and Kirkuk petrodollar, the MNR report revealed.

“Net cash balance retained by the KRG for June oil sales is $382,669,572 and $127 million given to the KRG as new advance payments against future lifting of crude oil,” the report added. “Total net income received by the KRG in this month is $479,360,041.”

In May, the KRG exported 15,904,271 barrels of crude oil in total, and retained $390 million profit. About $59 million out of the $390 million was given to oil companies in the Kurdistan Region.

Based on the report, “The total retained by the KRG was $315 million…and $75 million was allocated to six contractors and shippers according to their PSC entitlement and to pay down past receivables.”

Editing by Ava Homa