KRG reveals oil exports, revenues from second half of 2017

ERBIL (Kurdistan 24) – The Kurdistan Regional Government (KRG) has released a second report conducted by Deloitte which highlights new data on the Kurdistan Region’s oil and gas exports, consumption, and revenues for the second half of 2017.

On Wednesday, the KRG released data and information about its oil exports, consumption, and financial flows for the last six months of 2017 which was reviewed by the international “Big 4” audit and consulting firm, Deloitte, a statement released on the KRG website said.

The KRG reiterated its commitment to transparency in the oil and gas sector, stating that “it is the right of the people of Kurdistan to be informed of accurate and independently verified production and revenue information.”

According to the Deloitte report, out of nearly 91 million barrels of oil for exportation and local consumption, the KRG exported over 81.5 million barrels via Turkey during the mentioned period, an average of 13.5 million barrels per month.

The KRG sold its crude oil at an average of $44.58 per barrel, generating over $3.6 billion, the report mentioned.

Meanwhile, the KRG generated around $205 million for truck export sales with an average price of $39.88 per barrel, the report stated.

The gross value of crude oil sold through the Kurdistan-Turkey pipeline and trucks exports is $3.8 billion, the report noted. It added that the net cash balance received by the KRG for the period is over $1.8 billion for sales while it received $193 million from buyers for future purchases.

The two international audit firms, Deloitte and Ernst & Young, will continue to review the oil and gas sector independently, inclusive of all the streams, the KRG statement concluded.

“We are anticipating the data for Jan. 1, 2018, to March 31, 2018, to be publicly available in August 2018.”

In January 2017, the KRG released its first report, reviewed by Deloitte, on oil and gas production, export, and revenues for the first half of 2017.

In November 2016, the KRG signed an agreement with the multinational professional services firm, Ernst and Young, to audit oil and gas processes in the Kurdistan Region.

Editing by Karzan Sulaivany