The Ministry of Natural Resources of the Kurdistan Regional Government (KRG) said that the total net income from oil exports in August amounts to $350 million.
According to the monthly report of the MNR, the average price of a barrel of oil sold in August has stood on $32.44. The average of oil exported via Ceyhan pipeline has been 417, 727 barrels per day. “The net KRG production, including an additional 1,283,075 barrels exported and added to the previously stored oil in Ceyhan, was 15,008,031 barrels (484,130 barrels/day). As a result of the sold crude oil in August, gross value realized has been almost $414 million.
The KRG and federal government of Baghdad recently reached an understanding over the export of Kirkuk oil that are under the control of Northern Oil Company (NOC). “NOC has provided to the KRG 50% of its export amounting to 640,329 barrels per day. This supply by NOC was also added to the KRG storage in Ceyhan,” read the statement.
The multinational corporations producing crude oil in the Kurdistan Region have received their contract entitlements of over $60 million.
The KRG has also received $110 million for new prepayment loans against future lifting of crude oil. An amount of around $91 million has also been retained by buyers against prepayments.