Pipeline Outage Almost Halves KRG Oil Exports

The Kurdistan Regional Government (KRG) today publishes the monthly crude oil export report for February 2016.

The report details: All oil export volumes through the KRG-Ceyhan crude oil pipeline; all crude oil cargoes lifted from Ceyhan by the buyers; and the revenues received on account by the KRG during the month.

The KRG exported 10,151,944 barrels of crude oil (an average of 350,067 barrels per day (bpd)) in the month of February through the Kurdistan pipeline network to the port of Ceyhan in Turkey.

Due to circumstances beyond the KRG’s control that occurred within the territory of Turkey, during the month of February there were approximately 13 days of downtime for the export pipeline. The downtime is continuing at the date of this report.

The buyers of the KRG crude oil lifted 13 cargoes (totaling 11,890,345 barrels) according to the volumes allocated to them under their contracts. The cargo volumes lifted exceeded the February KRG export volumes. The excess derived from the previously exported oil accumulated in the storage tanks in Ceyhan.

The KRG received $303,943,433 on account in February from its crude oil export, of which $70,933,433 was allocated to the producers. The sales revenue received by KRG during the month included $100 million from a new prepayment commitment.

It should be noted that from the crude oil cargoes lifted in February, there was also an amount of $43,200,644 set off by the buyers against 2014/2015 prepayments. Therefore, the net prepayment received during February by the KRG was $56,799,356 ($100,000,000 minus $43,200,644).

Please click here to read or download the report.

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