KRG Oil Exports Increase to 513k bpd for May

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

The report for May 2016 details: All oil export volumes through the KRG-Ceyhan crude oil pipeline; all crude oil cargoes lifted from Ceyhan by the buyers; revenues received on account by the KRG during the month; and payments directly made to IOCs by the Buyers or the KRG

The KRG exported 15,904,271 barrels of crude oil (an average of 513,041 barrels per day (bpd)) in the month of May through the Kurdistan pipeline network to the port of Ceyhan in Turkey.

During the month there were approximately 4 hours of downtime for the export pipeline.

The buyers of the KRG crude oil lifted 18 cargoes (totalling 15,887,594 barrels) according to the volumes allocated to them under their contracts, of which 4 cargoes (3,797,461 bbls) were allocated against previous debts.

The KRG received $390,748,957 on account in May from its crude oil export. Of this amount, $75,262,856 was allocated to six contractors and shippers according to their PSC entitlement and to pay down past receivables. The net amount retained by the KRG for the month of May is $315,486,101.

Please click here to view or download the report.

(Source: KRG)