By Patrick Schmidt. The Ministry of Oil announced that oil exports averaged 2.516 million barrels per day in January. This number represents a decrease of almost fifteen percent from December 2014. Based on international oil prices, this would create revenue of $3.258 billion. December 2014 boasted revenue of $5.161 billion for Iraq. Oil revenue makes […]
By John Lee. According to a 2009 revision of Iraq's Provincial Powers Act (also known as Law 21) the province of Basra is supposed to be receiving an extra $5 dollars of oil revenue per barrel produced in the province. If this was the case, the province could be receiving an income equivalent to that […]
By John Lee. DNO ASA, the Norwegian oil and gas operator, today confirmed receipt of USD 30 million (36 billion Iraqi dinars) as first payment for oil exported by the Kurdistan Regional Government from the Tawke field during 2014. The payment will be shared by DNO (USD 20.625 million) and partner Genel Energy plc (USD […]
By John Lee. Genel Energy has announced that the Taq Taq field partners have received an initial gross payment of $30 million (35 billion Iraqi dinars) from the Kurdistan Regional Government ('KRG') for oil exported through the Kurdistan Region of Iraq ('KRI')-Turkey pipeline. The Tawke field partners will also receive a $30 million gross payment. […]
By John Lee. Finance Minister Hoshiyar Zebari said he will soon present his proposed 2015 budget to Cabinet, based on an oil price of $70 per barrel. The Minister said: “We are proposing a budget of $100 billion. This is projected ... “We have based our projections on about $70 a barrel. This could fluctuate. […]
By John Lee. Iraq's exports of 76.282 million barrels of crude oil in October brought in $6.241 billion [7.3 trillion Iraqi dinars] in revenues, according to the Iraqi Oil Ministry. AIN reports that Iraq averaged exports of 2.461 million bpd for the month at an average selling price of $81.82 dollars a barrel. These exports […]
By John Lee. Reuters reports that Iraq's oil exports fell from $7.8 billion in July to $7.1 billion in August. Citing sources at the State Oil Marketing Organisation (SOMO), the report said that 73.6 million barrels of oil were exported in August at an average price of $97.4 per barrel, down from $102.8 in July. […]
By John Lee. The Kurdistan Region of Iraq has exported more than 14 million barrels of oil from its independent oil pipelines to Turkey in the last nine months, according to a report from BasNews. A spokesman for the KRG's Natural Resources Committee told the news agency that the exports have brought in over 1 […]
By Patrick M Schmidt. The Kurdish Natural Resource Committee has announced that sales of Kurdish crude oil have exceeded $4 billion over the past year. Current crude export figures hover between 120,000 to 150,000 barrels of oil per day. That crude is then piped up to Turkish ports for export. The committee also confirmed that […]
By Padraig O'Hannelly. The Kurdistan Regional Government (KRG) has upped the ante in the continuing dispute with Baghdad over oil export revenues. In response to what it describes as "the Iraqi federal government ... not sharing revenues in accordance with the Iraqi Constitution", the KRG has threatened to take legal action against anyone who buys […]
By John Lee. The Iraqi cabinet has allocated $7.8 billion for development projects in oil-producing provinces, according to Al-Shorfa. The Minister of Planning Ali al-Shukri (pictured) said. "The amounts are allocated for various economic, social, and service development projects in the housing, education and energy sectors, and for environmental protection projects, treatment of environmental effects […]
By John Lee. Iraq's oil income is set to jump in April, boosted by the continued discount on Basra Light as of February last year, and increased shipments to Asia. February saw a record 3.6 million bpd in exports, setting a 3 decade record for Iraq. According to Bloomberg, who interviewed analyst Alexander Poegl of JBC Energy […]
