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KRG: 10 Million Barrels of Oil Exported in March

natural resources ministry krgThe Kurdistan Regional Government (KRG) today publishes the monthly crude oil export report for March 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 10,148,487 barrels of crude oil (an average of 327,371 barrels per day (bpd)) in the month of March through the Kurdistan pipeline network to the port of Ceyhan in Turkey.

Due to circumstances beyond the KRG’s control that occurred within the territory of Turkey, during the month of March there were approximately 12 days of downtime for the export pipeline. This was the continuation of the downtime period that started in the middle of February.

The buyers of the KRG crude oil lifted 10 cargoes (totaling 9,232,371 barrels) according to the volumes allocated to them under their contracts. The cargo volumes lifted exceeded the March KRG export volumes. The excess derived from the previously exported oil accumulated in the storage tanks in Ceyhan.

The KRG received $557,272,177 on account in March (including $350,000,000 in loans and prepayments) from its crude oil export, of which $36,014,177 was allocated to the producers. $4,258,000 was authorized and paid to Biwater Ltd on behalf of the Ministry of Municipalities and Tourism. Please click here to read or download the report.

Source: http://mnr.krg.org/index.php/en/press-releases/552-krg-publishes-monthly-export-report-for-march-2016

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