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Report reveals the volume of oil exports to the Kurdistan region in the past three months


yota691
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17 hours ago, yota691 said:
Prime Minister Nechirvan Barzani signs deal with Ersnt and Young, one of the largest professional and financial services in the world in Erbil on Wednesday. Photo: KRG
Prime Minister Nechirvan Barzani signs deal with Ersnt and Young, one of the largest professional and financial services in the world in Erbil on Wednesday. Photo: KRG
ERBIL, Kurdistan Region – The Kurdistan Regional Government (KRG) has signed an agreement with the UK-based Ernst and Young, one of the largest professional and financial firms in the world, to audit the region’s oil and gas processes. 
 
Prime Minister Nechirvan Barzani said the agreement will help increase transparency.
 
“The agreement will further strengthen the transparent and independent auditing process for oil and gas sector,” Barzani said, according to a statement from his office on Wednesday, adding that “transparency in the sector is his government’s top priority.”
 
Senior government officials and the Head of British Consulate-General in the Kurdistan Region participated in the signing ceremony, which took place at the Council of Ministers in Erbil.
 
It is the second agreement in less than two months after the KRG signed a similar agreement with Deloitte in early October.
 
Deloitte is the largest professional and financial services company in the world. As part of the October agreement it will conduct an audit of the Kurdistan Region’s oil production, exportation, and revenues.
 
Deloitte will audit all aspects of the oil and gas industry in the Kurdistan Region, including production, exports, sales, internal use, refineries, and bonuses, the statement detailed. 
 
According to the agreement with Deloitt no Ministry of Natural Resources (MNR) report will be published without first being reviewed by the firm.

Keeping it Legit ! :goodnews:

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9 hours ago, TexasMike1958 said:

ok guys and gals.... I am not blessed with an understanding of what this means.  I believe it is good, but if someone could explain it in terms I can understand, it would be appreciated.  Oh, and I saved 15% on my auto insurance with GEICO...  :D

 

The article in your quote states, "“The agreement will further strengthen the transparent and independent auditing process for oil and gas sector,” Barzani said, according to a statement from his office on Wednesday, adding that “transparency in the sector is his government’s top priority.”

Apparently, as in other parts of Iraq, there is a question on the amount of crude oil that Kurdistan actually produces and where the money goes for all the crude oil sales.  From other articles, looks like the Kurdistan region actually produces nominally 910,000 BPD instead of the published 550,000 BPD.  So, about 360,000 BPD of Kurdistan crude oil ends up somewhere else and the money from the sale of this portion of the crude oil ends up in yet to be determined locations.  Having Ernst and Young evaluate the crude oil production and the money trail for all the crude oil would reveal the corruption involved in the sales of the unrecorded crude oil (possibly gas or gas derivatives, too).  At $50/barrel crude oil, 360,000 BPD is nominally 5.7 billion USD/year.  This is a significant chunk of cash especially considering the dire financial condition Kurdistan and other parts of Iraq are in now.

Having said this, having the auditors (first Deloitte and Touche then Ernst and Young) evaluate crude oil and natural gas production rates and associated revenues will lead to clearing up any associated corruption so that the crude oil and natural gas production rates are accurately reported and properly allocated through the Iraq Central Government via the HydroCarbon Law (HCL).  Since both Deloitte & Touche and Ernst & Young are completing independent audits, it is like going to another doctor for a second opinion.  Due to auditing requirements both auditing companies use, the results should be very similar and should closely agree (and be very accurate).  Ernst & Young's audit may take 1-2 months to complete.  However, the process may be sped up if various pieces of information, such as Kurdish and other contacts, are transmitted.

Just my :twocents:

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On 11/30/2016 at 6:00 AM, ladyGrace'sDaddy said:

So the CBI just stated that they're going to defer the deletion of the zeros. Yet Parliament is saying they're going to implement the HCL law this session. Are we witnessing a Texas two-step?

worse LGD perhaps an Iraqi two-step .....please watch out for the camel poo-doo :lmao::lmao:

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25 minutes ago, boosterbglee said:

Thanks Synopsis!  :twothumbs:  I'm giving you a star sticker and a cookie today!  :P

Hey, everybody likes a star sticker and a cookie!  Since it is Christmas season, I'll settle for a star sugar cookie with green and red sprinkles!

:twothumbs:          :tiphat:

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  • 1 year later...

 

Business

Deloitte found no ‘misstatements’ in KRG oil sales in first audit report

By Rudaw 19 minutes ago
--
--
ERBIL, Kurdistan Region – The Kurdistan Regional Government brought in over $3 billion in oil sales in the first half of 2017, according to an audit reportfrom Deloitte, released by the government on Tuesday.
 
The government described the decision to publish the "verified numbers" from one of the world’s largest auditing firms as a step in the right direction towards transparency.
 
"According to the validated numbers, the total revenue generated from oil sales is 3,328,211,119 US dollars, after deducting expenses," for the period from January 1, 2017 to June 30, 2017, the KRG stated.
 
The KRG sold oil at an average of $41.29 per barrel, while the average Brent oil price was $51.71.
 
The KRG signed a contract with Deloitte at the request of the World Bank to audit oil sales and revenues.
 
The data for the second half of 2017 will be published in the near future, the KRG said, adding it "considers the auditing process as an important step for strengthening transparency in the oil and gas sector of the Kurdistan Region."
 
"The KRG has approved Deloitte's recommendations to further enhance the processes and address any shortcomings," the statement added.
 
Deloitte stated in its financial report that they found no "misstatements" of the KRG's oil exports, consumption, or sales over the stated period. The firm will also be auditing oil production and sales for 2014, 2015, and 2016.
 
The KRG started to export oil in early 2014 through Turkey's Ceyhan port, independent of the government of Iraq.
 
Baghdad cut the KRG's share of the Iraqi budget in response to Erbil's plans to export oil.
 

Iraqi Prime Minister Haider al-Abadi criticized the Kurdish oil sales on several occasions, often releasing numbers different from those released by the KRG's Ministry of Natural Resources.

 

Please click the graphic to see it with high quality

oil%20sales.jpg

 

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KRG releases first report on oil exports, revenues in 2017

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KRG releases first report on oil exports, revenues in 2017
A flame rises from a chimney at the Taq Taq oil field in Erbil, Kurdistan Region, Aug. 16, 2014. (Photo: Reuters/Azad Lashkari)
 

ERBIL, Kurdistan Region (Kurdistan 24) – The Kurdistan Regional Government (KRG) on Tuesday released its first report on oil and gas production, export, and revenues for the first half of 2017.

The semiannual report was conducted by the international auditing company, Deloitte, “to prove [the KRG’s] commitment to transparency in the entire oil and gas sector of the Kurdistan Region,” a statementon the government’s website read.

“That includes verified numbers of export and sales of oil in the Kurdistan Region for the first six months of 2017,” the statement continued, adding the total revenue generated from oil sales—from January to June—is USD 3,328,211,119, after deducting expenses.

According to the report, average crude sale prices for the Kurdistan Region’s oil during the mentioned period was USD 41.29 per barrel for exported oil through pipelines, at a time when the average Dated Brent price was approximately USD 51.71 per barrel.

“The KRG considers the auditing process an important step [toward] strengthening transparency in the oil and gas sector of the Kurdistan Region,” the statement read. “This is the first time that reputable and major international companies audit the oil and gas sector in Kurdistan.”

The KRG statement concluded that the validated numbers for the second half of 2017, and for the past years would be released to the public in the near future. 

Editing by Karzan Sulaivany

 

monthly%20exports,%20consumption%20and%20total.png
The KRG's monthly oil exports and consumption during the first six months of 2017. (Photo: KRG)
Cash%20flows.png
Cash flows by US dollar.
oil%20exports%20and%20consumption.png
KRG oil exports and consumption.
pipeline%20exported%20and%20consumed.png
Pipeline exported and consumed oil.
Trucking%20export%20sales%20analysis.png
Trucking oil export sales analysis.
financial%20flows.png
Financial flows of the KRG's oil revenue.
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  • yota691 changed the title to KRG releases first report on oil exports, revenues in 2017

Kurdistan Regional Government publishes Deloitte's first report on oil and gas

1/16/2018 AM 10:49:00 a.m.102 Number of readings
 

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Khandan -

The Kurdistan Regional Government (KRG) on Tuesday published the first report of Deloitte International, including the results of the first six months of 2017, in the oil and gas sector. 

The Kurdistan Regional Government said in a statement that the presentation of this report came in implementation of the commitment of the Kurdistan Regional Government "to the principles of transparency and disclosure of the process of production, export and sale of oil and its revenues in the Kurdistan region, and the embodiment of the citizen's right to access information and within the draft comprehensive review of the oil and gas sector in the province Kurdistan ".

According to the statement, "the report includes all information from the data and audited figures for the first six months of 2017, including net oil revenues after deduction of expenditures (three billion three hundred and twenty-two million and two hundred and eleven thousand and one hundred and nineteen) dollars, and the rate of sale of barrels of oil exported The export pipeline during that period amounted to $ 41 and (twenty-nine) cents, while the price of Brent crude oil in that period was approximately $ 150 and (seventy-one) cents. " 

This project came into force under the decision of the Council of Ministers of Kurdistan Region No. (73) dated 3 February 2016 on the proposal of the Regional Council for oil and gas and in light of the oil and gas law of the region and the law of the Kurdistan Fund for oil and gas revenues.
The statement said that "through transparent procedures and approval of World Bank standards, and after the call of the four global companies known in the field of auditing, the Regional Council for Oil and Gas Affairs in late 2016 with two global companies - Deloitte and EY for the purpose of a comprehensive review And audit all the expenses and revenues and operations of oil and gas in the Kurdistan region, including the activities of previous years, and will continue the process of auditing and auditing in the coming years as well. 

The Kurdistan Regional Government considered this project "an important step towards enhancing transparency in the oil and gas sector in the Kurdistan region." 

The Council of Ministers of the region approved the proposals of Deloitte to develop the oil and gas sector in the region, and remove the problems and take the necessary action in the implementation of these proposals. 

The Kurdistan Regional Government worked to train accountants and auditors working in financial control institutions in the Kurdistan region within the framework of this project to take advantage of their qualifications in the future, according to the statement. 

"This is the first time that the Kurdistan region has witnessed a comprehensive project to review the oil and gas sector and to scrutinize the figures and data for this sector in this form by well-known and internationally recognized auditing companies," the statement said. 

It is expected that it will be presented to the public in the near future and in the same way the results of the audit of the last six months of 2017 and audit reports and audit of 2014, 2015 and 2016, which is now operated by Deloitte, "according to the statement.

 

  1. Through this link you can get the full version of the report signed by Deloitte and the audit of oil exports, domestic consumption, revenues and expenses of oil and gas in the Kurdistan Region for the first six months of 2017 in PDF format and  in three languages: Kurdish, Arabic and English.
     
  2. Through this link you can get a booklet in Arabic and English and PDF format  , which includes (27) questions and answers for the purpose of clarifying and understanding the paragraphs of the report.
     
  3. Through this link you can get one page in PDF format,  including facts about the main data and information contained in the Deloitte report on oil exports, domestic consumption, revenues and attenuations of oil and gas in the Kurdistan Region, including the daily rates of export and the price actually obtained from a barrel of oil in the Kurdistan Region The source by pipeline compared with the price of Brent crude for the first six months of 2017 and in the three languages Kurdish, Arabic and English. 
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  • yota691 changed the title to International Foundation: More than $ 3 billion revenues of Kurdistan during the first quarter of 2017
21-01-2018 04:10 PM
image.php?token=7c948d1281eb2d486629f5508c8808bf&size=
 


 

 

A report by the Deloitte American International Audit Corporation said on Sunday that revenues from oil exports in the first six months of 2017 amounted to more than $ 3 billion after deducting expenses. The average sales price for this period was $ 41.29 per barrel through pipelines . 

"Within the framework of the World Bank's directives, the Regional Council for Oil and Gas Affairs has invited the four major international audit firms and signed key service agreements with Deloitte, Ernst & Young, in accordance with international bidding standards and in accordance with the Administrative Services Agreement, , Including historical data . "

 

"This is the first time that the international companies with good reputation to audit the oil and gas sector in the Kurdistan region and in the near future, will be released numbers approved for the second half of 2017 "

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1 hour ago, yota691 said:

This is the first time that the international companies with good reputation to audit the oil and gas sector in the Kurdistan region and in the near future, will be released numbers approved for the second half of 2017 "

I can’t help but wonder if this is precursor to the passing of the HCL. Lordy, I hope so because I do believe we need the HCL DONE. 

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  • yota691 changed the title to "Deloitte" recognizes the provincial government details of the production and export of oil in Kurdistan

"Deloitte" recognizes the provincial government details of the production and export of oil in Kurdistan

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"Deloitte" recognizes the provincial government details of the production and export of oil in Kurdistan

 

04-07-2018 02:25 PM

 

The Euphrates -

 

Prime Minister of Kurdistan Nezhirvan Barzani, the completion of a new report on the audit of oil sector data in the region.

Barzani said at a press conference after a cabinet meeting, "We included today from Deloitte data on the production, export and consumption of oil in the Kurdistan region in the last six months of last year, and the first three months of this year.

He added that all the statistics will be published within days for transparency in the export and extraction of oil and to inform the people of Kurdistan on the details of the whole process.
The government of Kurdistan signed in late 2016 with Deloitte for the purpose of auditing the oil sector data. 
In mid-January 2018, after nearly a year of work, Deloitte published data on the production, export and consumption of oil in Kurdistan in the first six months of last year. 
According to the company's report, it should indicate in the data on the export, consumption and sale of oil, from 1 January to 30 June 2017, any wrong data regarding the export, consumption and sale of oil.

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The Cabinet discusses the revenues and expenses of oil and gas in the Kurdistan Region

As well as issues of higher education and other subjects ...

 
 

 04/07/2018 - 22:27

 
 
The Cabinet discusses the revenues and expenses of oil and gas in the Kurdistan Region
 

The Council of Ministers of the Kurdistan Region, on Wednesday, the revenues and expenditures of oil and gas in the region, in addition to issues of higher education and other topics.

The Council held a meeting this morning, chaired by Nechirvan Barzani, Prime Minister of the Kurdistan Region.

The first part of the meeting discussed the steps of the government in the field of reform in the oil and gas sector and its continuation, and audit the revenues and expenditures of the oil and gas sector in the Kurdistan Region, where Deloitte submitted its report for the last six months of 2017 and the first three months of 2018 to the Council of Ministers, The Council then discussed the two reports and decided to publish their details in the next few days, according to a government statement.

In the second part of the meeting, the Minister of Higher Education and Scientific Research presented a report on the revenues and expenditures of the ministry, within the framework of the decision of the Council of Ministers to rely on self-financing to increase the revenues and other financial resources of the universities and institutions of the ministry. He explained in the report details of all revenues and expenses of the ministry between 2014 and 2018.

The Cabinet commended the steps taken by the Ministry of Higher Education. The Ministries of Finance, Economy, Higher Education and Scientific Research were assigned to coordinate between them and organize such revenues and expenses according to the financial instructions.

At the end of the meeting, Dr. Amang Rahim, Secretary of the Council of Ministers, briefed the Cabinet on the lawsuit filed by the Iraqi Ministry of Oil against the Ministry of Natural Resources in the Region at the Federal Supreme Court.

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  • yota691 changed the title to Deloitte publishes its second oil and gas audit report in the Kurdistan region
 
9159.jpg
Deloitte's headquarters

  

 energy


Economy News Baghdad

Deloitte published its second oil and gas audit report in the Kurdistan region for the last six months of 2017.

The Kurdistan Regional Government said in a statement on its official website that, in implementation of the decision of the Council of Ministers of the Kurdistan region in 2016 on a comprehensive review of the oil and gas sector in the region by an independent third world to support transparency in this sector, and entrench the citizen's right to obtain information on this And the completion of what was announced on 16 January 2018 regarding the results of the review of Deloitte's global operations for oil production, export and domestic consumption in addition to the expenses and revenues resulting from it during the first six months of 2017.Today we announce the second report of the Deloitte review as one of the four major international audit firms, which includes information and audited figures on oil production, export and domestic consumption as well as the resulting expenses and revenues during the second six months of 2017 starting with From July 1 to December 31, 2017, thus completing the comprehensive review of 2017 by Deloitte.

The Regional Oil and Gas Council confirms that all citizens of the region have the right to access information on oil and gas operations figures and data and after being audited by a global auditing firm as part of the efforts of the KRG to support transparency, accountability and good governance in the oil field. And gas in the Kurdistan region.

The statement pointed out that new figures and information have been presented in the new report attached to this statement compared to the first published report, specifically regarding the details of other public expenditures spent on oil revenues, as well as expenditures related to oil production, export and sale operations, The monthly rate of the price of one barrel of crude oil sold in the report and based on the global Brent price and obtained between 1 July and 31 December 2017.

The Regional Council for Oil and Gas Affairs, according to the statement, is to ensure that periodic and systematic audit results are reported to the internal and international public opinion through Deloitte and Ernst & Young .The audit and audit report for the period from January 1 to March 31, 2018 is expected to be published in August of 2018.

( Http://cabinet.gov.krd/uploads/documents/2018/Deloitte_H2_2017_Public_Report.pdf ) Get the text of a Deloitte report signed and in PDF format in the three Kurdish, Arabic and English languages on export audit, internal consumption, imports And oil and gas expenditures in the Kurdistan Region for the second six months of 2017.

The attached booklet (http://cabinet.gov.krd/uploads/documents/2018/Deloitte_KRG_Oil__Gas_Sector_FAQ_ENG_AR.pdf ) contains an enclosed booklet in both Arabic and English in PDF format , containing (27) questions and answers for the purpose of necessary clarification and ease of understanding and understanding the paragraphs of the report (Deloitte).


Views 36   Date Added 01/08/2018

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  • yota691 changed the title to Deloitte reveals documented information on the sale of Kurdistan oil in local markets

Deloitte reveals documented information on the sale of Kurdistan oil in local markets

Deloitte reveals documented information on the sale of Kurdistan oil in local markets
 



 Twilight News    
 2 hours ago

The company published its third report on auditing and reviewing the activities and operations of the oil and gas sector in the Kurdistan Region.

The Kurdistan Regional Government website said that "within the framework of a project to audit and review the activities and operations of the oil and gas sector in the Kurdistan Region by a competent and qualified scientific and technical and internationally renowned for its integrity and independence, the task was entrusted to Deloitte Global Audit and Consulting, and published its third report on the official website of the Government The Kurdistan Region, which included new data and information on (export, consumption, expenditure and oil revenues) for the first three months of 2018 (from 1 January to 31 March 2018).

He added that "in fulfillment of the commitment contained in the previous statement of the Regional Council for Oil and Gas Affairs issued on 1/8/2018 for the announcement of the second report of Deloitte, which included a promise to develop reports in terms of information on a continuous basis, we announce the report of Deloitte III, With the proceeds and the monthly rate of selling per barrel of oil per day The third report was added to an updated chapter containing information documented under the title (analysis of the sale of oil refineries and the sale of domestic crude oil) and the general rate of sale of a barrel of crude oil in the domestic markets.

He added that the Regional Council for Oil and Gas Affairs will continue to work on the development and enrichment of reports on audit and review, through the adoption of observations and proposals and the reactions shown by the parties concerned. The Government of the Kurdistan Region reaffirms and reiterates its commitment to Deloitte and Ernst & Young to review and review all operations of the oil and gas sector and to support its functions in the region and to carry out its work in full independence, taking into account the standards of transparency and integrity.

The Regional Oil and Gas Council is expected to publish the fourth report of Deloitte on the results of the audit and review of export, consumption, oil revenues and revenues for the second three months of 2018 (April 1 to June 30, 2018) as soon as possible.

Keywords: 
 

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  • 6 months later...

KRG publishes report on oil exports, revenues for Q3 2018, welcomes ‘positive feedback’ 

15 minutes ago
 

 

 

KRG publishes report on oil exports, revenues for Q3 2018, welcomes ‘positive feedback’
A flame rises from a chimney at an oil field in the Kurdistan Region. (Photo: Archive) 
 

ERBIL (Kurdistan 24) – The Kurdistan Regional Government’s (KRG) Regional Council for Oil and Gas Affairs on Wednesday published a report for the third quarter of its 2018 oil exports, consumption, and revenues.

The report, which auditing firm Deloitte conducted, provides statistics and reviews the KRG’s “oil production, export, consumption and revenue” for the period between July 1 to Sept. 30, 2018.

According to the audit, the KRG piped about 35.2 million barrels of exported and consumed oil during the three-month period, an average of 11.7 million barrels per month.

Del1.jpg
Oil Exports and Consumption, Pipeline Export Sales Analysis, Local Sales Analysis. (Photo: KRG - Deloitte report)

The remaining crude consisted of “swaps of crude oil for diesel, and heavy fuel oil for use in KRG power plants” as well as “local sales.”

The KRG sold its exported crude oil at an average of USD 63.098 per barrel and USD 67.734 per barrel at the local level with a gross value of over USD 2.2 billion.

Del2.jpg
Financial Flows. (Photo: KRG - Deloitte report)

According to the report, the net cash received by the KRG for the period sales and related activities was about USD 1.3 billion.

Del3.jpg
Review of the KRG’s oil production, export, consumption and revenue for the period July 1 to Sept. 30, 2018. (Photo: KRG - Deloitte report)
Del4.jpg
Review of the KRG’s oil production, export, consumption and revenue for the period July 1 to Sept. 30, 2018. (Photo: KRG - Deloitte report)

In a statement published on its website, the KRG confirmed the publication of “verified data” following “a review of the [oil] sector by the international ‘Big 4’ audit and consulting firm, Deloitte.”

It added that the regional government welcomes “the positive feedback from stakeholders, including the international community.”

The KRG reiterated “its commitment to the people of Kurdistan that the two international audit firms, Deloitte and Ernst & Young, will continue to independently review the oil and gas sector, inclusive of all the streams.” 

http://www.kurdistan24.net/en/news/9db487d7-aa72-4a78-8e93-4f132eddd7c9

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  • yota691 changed the title to Report reveals the volume of oil exports to the Kurdistan region in the past three months

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