By John Lee. In its latest Half Yearly Report, Russia's Lukoil reports that in the first half of 2015, the Group accrued revenue from the West Qurna-2 project in the total amount of $1,535 million, consisting of cost recovery of $1,475 million and remuneration fee of $60 million, compared to the revenue of $1,179 million […]
Further to the Ministry of Natural Resources communiqué of August 3, 2015 regarding payments to the exporting international oil companies (IOCs) in the Kurdistan Region, the Kurdistan Regional Government has confirmed that the Kurdistan Regional Council for Oil & Gas Affairs expects the first tranche of regular payments to be made available to the exporting […]
By John Lee. Iraq has paid international oil companies (IOCs) $9 billion in remaining arrears for 2014, according to a report from Reuters. Oil Minister Adel Abdel Mahdi (pictured) said that the outstanding fees for 2015 will be paid in stages until the beginning of next year. (Source: Reuters)
By John Lee. The KRG’s Ministry of Natural Resources (MNR) has issued a statement which it claims will "set the record straight on oil export and revenue:" The full text of the statement is shown below: In 2014, Dr. Maliki’s government cut the entire Kurdistan budget creating a financial crisis for the people of the […]
By John Lee. DNO ASA, the Norwegian oil and gas operator, set record production levels from the Tawke field in the Kurdistan region of Iraq during the second quarter of 2015 with output averaging 153,346 barrels of oil per day (bopd). A total of 118,037 bopd, representing 77 percent of field production, was delivered to […]
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 […]
By Ahmed Mousa Jiyad. Assessing Government Spending This is an updated version of the last part (and the list of consulted references) of the research work commissioned by the Natural Resource Governance Institute (NRGI), USA, as part of the preparation for NRGI’s strategic plan for interlinked and complementary interventions in Iraq during the upcoming three […]
By Ahmed Mousa Jiyad. Managing Volatility of Oil Export Revenues This is part three of a research work commissioned by the Natural Resource Governance Institute (NRGI) (USA) as part of the preparation for NRGI’s strategic plan for interlinked and complementary interventions in Iraq during the upcoming three years. The Executive Summary of the study was […]
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 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 Ahmed Mousa Jiyad. Oil Export Revenue Distribution Issues in Iraq This is part two of a research work commissioned by the Natural Resource Governance Institute-NRGI (USA) as part of the preparation for NRGI’s strategic plan for interlinked and complementary interventions in Iraq during the upcoming three years. The Executive Summary of the study was […]
By Simon Kent. After months of talks, the Kurdish Regional Government says it has authorisation from Baghdad to issue bonds, in a move aimed at easing growing financial pains in the semi autonomous region. According to Bloomberg, the region needs approximately $1.4 billion to balance its books. Quoting IBN blogger Robert Tollast, the report noted how the KRG […]
