KRG MNR publishes 2015 oil production, export, revenue report
9 Aralık 2015 Genel
MNR today publishes a report on crude oil production, refining, local consumption and export in the Kurdistan Region of Iraq in 2015. The report also includes information on the Region’s oil revenue, pipeline infrastructure, the status of exploration blocks, and the composition of the workforce in the Region’s oil and gas sector.
Since June this year, the Kurdistan Regional Government (KRG) has resumed its policy of direct oil sales via the Turkish port of Ceyhan to compensate the Kurdistan Region for the significant revenue shortfalls due to budgetary non-compliance by the Iraqi federal government. Export of crude oil production has risen throughout the year as upgrades to the pipeline network increased export capacity.
Since KRG began direct oil sales in June, average oil production revenue earned is $682 million dollars per month. This is almost double the monthly average that the federal government paid to Kurdistan Region before the KRG was forced to commence direct sales, in order to fund the fight against ISIS, support 1.8 million refugees, pay employee salaries and maintain essential services.
In 2015, the KRG continued its cooperation with the North Oil Company in Kirkuk to facilitate the flow of oil from the previously stranded Kirkuk field, in line with the provisions of the 2015 federal budget.