The latest news on Iraq Oil Exports – crude oil, oil pipelines and more – brought to you by Iraq Business News
The Kurdistan Regional Government has announced plans to start paying oil companies a proportion of the revenues from crude oil sales. Starting from September 2015, the Kurdistan Regional Government, KRG, will, on a monthly basis, allocate a portion of the revenue from its direct crude oil sales to the producing international oil companies, IOCs, KRG […]
Statement by KRG's Ministry of Natural Resources on attacks on the Kurdistan to Ceyhan oil export pipelines in Turkey Since July 27th, there have been repeated attempted thefts and sabotage attacks on the pipelines that carry crude oil from the Kurdistan Region to Ceyhan (pictured) in Turkey. This has led to an almost complete stoppage […]
By John Lee. Gulf Keystone Petroleum (GKP), the operator of the Shaikan field in the Kurdistan Region of Iraq, has announced that all production and truck loading operations currently continue without interruption at both Shaikan production facilities (PF-1 and PF-2) in a safe and secure manner. On 29 July 2015, production totalled 43,700 barrels with […]
DNO ASA, the Norwegian oil and gas operator, announced that production from its flagship Tawke field in the Kurdistan region of Iraq continued uninterrupted during this week's shut down of the Kirkuk-Ceyhan pipeline in Turkey, given the flexibility to redirect volumes from exports to local sales. Prior to the pipeline disruption, Tawke production in the […]
By John Lee. Turkey's energy ministry has confirmed that the smaller of the two parallel pipelines from Kirkuk to Ceyhan (pictured) was sabotaged early on Wednesday in the district of Cizre in Turkey. Only the 40-inch line was operational at the time of the attack, with the parallel 46-inch line currently idled. Crude oil exports […]
By John Lee. Iraq became South Korea’s third-largest suppier of oil in the first half of this year, according to a report from Bloomberg. Purchases of Iraqi crude oil soared 73 percent to 8.25 million metric tons through June in 2015, the highest level since at least 2000. (Source: Bloomberg)
By John Lee. Iraq's oil exports in 2014 accounted for 95.5 percent of the country's total revenue from exports, according to statistics released by the Ministry of Planning's Central Bureau of Statistics. A total of 918 million barrels of oil were exported over the year, up 5.3 percent on the 872 million barrels shipped in […]
By John Lee. According to a report from Platts, 9 of the 14 tankers intending to load oil from Iraq's State Oil Marketing Organization (SOMO) at the Turkish port of Ceyhan in June, have had their orders cancelled and have left the area. The remaining five are also cancelled but are still waiting, as they […]
By John Lee. Genel Energy has issued the following trading and operations update in advance of the Company's half-year 2015 results, which are scheduled for release on 6 August 2015. Tony Hayward, newly-appointed Chairman of Genel, said: "Production has grown rapidly in the first half of the year, increasing 41% year on year, with operational […]
By Ahmed Mousa Jiyad. Midyear Review of the State Budget and Oil Export Revenues The State budget for 2015 was based on an oil export volume of 3.3 million barrels per day (mbd) and a price of $56 a barrel. Accordingly, oil export revenues were estimated to finance 83% of budget revenues. Despite marked improvement […]
By John Lee. The agreement between the Kurdistan Regional Government (KRG) and the Iraqi central government agreement on budget and oil exports looks set to collapse. Kurdish MP Ardalan Nouraddin told BasNews that a new agreement will be signed, adding, “the details are yet to be revealed.” Under the December agreement, the KRG was to […]
By John Lee. Oil firms expecting to load Kirkuk crude at the Turkish port of Ceyhan have had to cancel tankers, as the Kurdistan Regional Government ramps up independent oil sales at the expense of sales through the State Oil Marketing Organization (SOMO). According to a report from Reuters, tanker cancellations included Eni’s Seanostrum, Socar’s […]
