KRG exports over 36 million barrels of crude oil in first quarter of 2022

Economy 06:38 PM - 2022-07-18

The Kurdistan Regional Government (KRG) published the Deloitte auditing scrutinized report on the Region’s energy sector on Monday saying, Average price per barrel sold at 86.730 USD.

The KRG exported over 36 million barrels of oil from January 1 to March 31 of 2022, at an average price of $86.7 per barrel, according to audited data published by the KRG on Monday. 

The report recorded a total revenue of over three billion dollars from oil sales during that period, calculating to just over 1.3 billion dollars in net income following the repayment of debt to oil companies as well as covering operational costs.

The KRG reported a total net income of over 3.9 billion dollars throughout 2021, having exported over 152 million barrels of oil.

There are 52 oil blocks in the Kurdistan Region, 16 of them are in production, and 15 are in exploration phases. Over 30 international and local companies are working in the sector. The Region produces around 450,000 barrels per day.

The KRG exported over 36 million barrels in the first half of 2022, collecting a net over $1.3 billion

On February 15, 2022, the Federal Court deemed that the oil and gas law of the Kurdistan Regional Government (KRG) was unconstitutional. 

Moreover, the Court demanded that KRG must hand over all crude oil under its authority to the federal government.

PUKmedia