The KRG’s Ministry of Natural Resources has published an updated Oil Production, Export and Consumption Report for 2015.
The report provides a comprehensive overview of activity in the Kurdistan Region’s oil and gas sector in 2015, including the revenues derived from oil exports.
The first edition of the report was prepared in November 2015, which also contained the actual production, export and revenue figures till mid-November, 2015 together with the estimates of oil export figures for the rest of 2015. The updated version includes the final production, export and revenue figures for the whole of 2015.
From January 1 – June 23, 2015 the KRG exported its crude oil under an agreement reached with the federal government in Baghdad. Over this period, the KRG only received US$1,986,742,842 in export revenue from the federal government. The average Brent oil price during this period was around $60 per barrel.
From June 24, 2015, due to shortfall in revenues received from Baghdad, the KRG commenced its policy of direct oil sales. From that date onwards and until the end of 2015 the KRG independently exported 107,460,635 barrels of crude oil.
Since it started independent sales on 24th June 2015 until December 31, the KRG achieved revenues of US$3,949,697,778, a substantial increase on the amount received from Baghdad during the first half of the year. This was achieved despite the steep drop in the global oil price during the second half of 2015, which averaged around $47 per barrel.