The Kurdistan Regional Government (KRG) today relaunches the monthly crude oil export reports, to include additional information that further increases the transparency of the KRG’s direct oil sales.
All future monthly reports will contain this new information. For the first time the monthly reports include the revenues received by the KRG on account and cargoes lifted by buyers from Ceyhan.
The report for January 2016 details: all export volumes through the KRG-Ceyhan pipeline; revenues received on account by the KRG during the month; all crude oil cargos lifted from Ceyhan by buyers, sales by vessel, buyers’ payments, and the producing company beneficiaries of the payments.
The Kurdistan Regional Government (KRG) exported 18,656,131 barrels of crude oil (an average of 601,811 barrels per day (bpd)) in the month of January through the Kurdistan pipeline network to the port of Ceyhan in Turkey.
Of this amount, fields operated by the KRG contributed 14,016,489 barrels (452,145 bpd on average), while fields operated by the North Oil Company (NOC) contributed 4,639,642 barrels (an average of 149,666 bpd).
Due to circumstances beyond the KRG’s control, during January there was 1 day of downtime for the export pipeline.
The buyers of the KRG crude oil lifted 21 cargoes totalling 18,653,340 bbls according to the volumes allocated to them under their contracts.
The KRG received $650 million on account (including some prepayments) of which $75 million was allocated to the exporting IOCs.