The Kurdistan Regional Government has hosted a special session for the KRG Minister of Interior and Mayor of Shingal to brief diplomats and representatives of UN agencies and INGOs based in Erbil on the needs of the city. At the outset of the meeting, Minister Falah Mustafa, Head of KRG Foreign Relations called for a […]
By John Lee. Gulf Keystone Petroleum (GKP) has confirmed that the gross payment of US$15 million was received from the Kurdistan Regional Government on 4 March. Following the payment, the Company's current cash position is US$56 million. (Source: GKP)
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 […]
By John Lee. Shares in Genel Energy fell by more than 40 percent on Monday after the firm announced a 75 percent reduction in proven and probable (2P) reserves for its Taq Taq field, in which it has a 44 percent working interest. According to a statement from the company: The results of this internal […]
The Ministry of Natural Resources announces a collection of five reports covering oil production, export consumption, revenue and expenditure from 2007-2015. Some of the reports have been published individually before, or were given to KRG officials or Parliament, but for completeness they are published together here. The reports are as follows, please click the links […]
Head of KRG Foreign Relations, Minister Falah Mustafa, today welcomed the new Head of Embassy Office of the Republic of Korea, Mr. Young-Kyu Park. On behalf of the KRG, Minister Mustafa congratulated Mr. Park on his new post and assured him of the DFR’s full support to ensure the success of his mission. The Minister […]
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 […]
Gulf Keystone Petroleum (GKP) announced today that the Kurdistan Regional Government has authorised a gross payment of US$15 million (US$12 million net to Gulf Keystone) to the company. Further to the KRG's Ministry of Natural Resources ("MNR") press release of 1 February 2016, this payment is being made on the basis of the Company's monthly […]
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 […]
By John Lee. Prime Minister Haider al-Abadi (pictured) has reportedly offered to pay the salaries of the KRG’s employees if it ceases its independent oil exports. Facing a financial crisis due to low oil prices, the KRG announced recently that its employees will be paid only partial salaries until further notice, and that unpaid wages […]
From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Iraqi premier Haider al-Abadi urges Kurdistan to drop any plans for independence, criticising a proposed statehood referendum.
DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 21.45 million from the Kurdistan Regional Government for exports from the Tawke field under a new payment arrangement announced on 1 February 2016. The payment, to be shared pro-rata by DNO and partner Genel Energy plc, includes USD 17.99 million toward the […]
