Deliot issues a report on the Kurdistan region’s oil sales and revenues

[yota691]

Deliot issues a report on the Kurdistan region’s oil sales and revenues

Political| 03:22 - 15/01/2021

 

 

 

 

Baghdad - Mawazine News
The Regional Council for Oil and Gas Affairs of the Kurdistan Regional Government published a report containing verified statistics covering the Kurdistan region’s oil exports, consumption and revenues for the period from January 1, 2020 to September 30, 2020.
The report provides an analysis of oil export information and average prices, Where data verification was performed by Deloitte.
According to the report, the Kurdistan region achieved during this period, 3176136721 billion dollars from total oil sales, and after the payment of dues to companies, the remaining 1831781964 billion dollars.
The number of barrels sold during that period through the pipelines extending from the Kurdistan Region to Turkey amounted to 118720827 barrels, at an average selling price of 31.66 dollars per barrel.

[Laid Back]

This is good news, the oil industry in Iraq its been audit by a third party private company “Deloitte”

 

This will give the federal government the real numbers to finalize oil agreement with the Kurdistan region.!

 

This will help to fight corruption in the oil industry 

 

Go Audit

Go HCL agreement 

Go RV

[6ly410]

SULAIMANI — The Kurdistan Regional Government (KRG) on Tuesday (January 15) released oil export and use figures prepared by international auditing firm Deloitte showing that the Kurdistan Region pumped nearly 125 million barrels of crude oil during the first three quarters of 2020, bringing in a net $1.83 billion.

The report covers a volatile period where international oil markets scrambled to respond to the effects of a so-called “double shock” of oversupply and plummeting demand due to the coronavirus pandemic.

It also shows the impact of the OPEC+ agreement to reduce output, with monthly figures slightly lower during the second and third quarters. Officials from Iraq’s federal government have nevertheless accused the KRG of failing to adhere fully with the agreement and not pulling it weight in meeting reduction goals.

During the first quarter, the KRG pumped 44,493,844 barrels, piping out 42,261,263 for export through Turkey with the remainder going to the KRG’s Ministry of Natural Resources for refining or sale to other refineries. The average export price per barrel during this period was $31.151 with a gross value of $1.342 billion

The KRG paid $427.5 million to oil producers during the first quarter.

It also made significant payments to the Kurdistan Pipeline Company (KPC) and Turkish energy companies, including more than $179 million to KPC, $136.7 million in tariff payments to Turkish Energy Company (TEC), and $60 million debt payments to TEC and Turkish Petroleum International Company (TPIC).

The figures for March 2020 bear some notice as an artifact of the beginning of the coronavirus pandemic. Although the Kurdistan Region pumped approximately 15.7 million barrels of oil that month, they sold for an average of just $12.46, down from $49.42 in January.

Depressed prices continued during the second quarter, with the average export prices per barrel at $5.159 in April, $13.993 in May, and $28.092 in June.

Production was also lower, with 38,502,000 barrels pumped during the quarter. Of that, 37,038,461 barrels were exported via the pipeline and 1,463,539 were delivered to the ministry.

This yielded a gross value of $590 million, less than half of the previous quarter.

The KRG made $501 million in payments to oil producers, $70 million in tariff payments to TEC, and $84.9 million to payments to KPC.

During the third quarter, production increased to close to the levels seen during the first three months of 2020, with 41,803,077 total barrels pumped. Of that, 39,421,103 barrels went for export with the remainder going to the ministry. Export prices also rebounded to the first quarter average, with month to month spots on either side of $30. This brought in a gross value of $1.244 billion.

The KRG paid out $421.5 million to oil producers, $47.7 million to TEC, and $191.3 million to KPC.

In a televised interview on Thursday evening, Iraq’s Minister of Oil Ihsan Abdul Jabbar accused the Kurdistan Region of not complying with the OPEC+ agreement to reduce oil production.

Iraq, including the Kurdistan Region, needed to reduce its oil production by 20%, or by about 80,000 barrels of oil per day.

Per the Deloitte figures, the KRG pumped an average of around 12.5 million barrels during the second quarter and a little more than that in the third quarter, or just over 80% of its pre-agreement February high of 15.7 million barrels.

The data presented and audited by Deloitte does not account for unofficial pumping and smuggling, both of which have a significant presence in the Kurdistan Region.

(NRT Digital Media)

[yota691]

 

The Kurdistan Region achieves more than $ 3 billion in financial revenues from the sale of oil

 

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 2021-01-16 05:50

 

Shafaq News / The Regional Council for Oil and Gas Affairs of the Kurdistan Regional Government announced on Friday that more than three billion dollars were achieved from the sale of crude oil during nine months of last year.

 

This came according to what was published by the Council of a report issued by "Deloitte" company, which contained verified statistics covering the region's oil exports, consumption and revenues for the period from January 1, 2020 to September 30, 2020.

 

According to statistics, the region’s exports during those months amounted to 124 million, 798 thousand, and 921 barrels of crude oil during that period.

 

The Kurdistan Region achieved financial revenues of three billion, 176 million, 136 thousand, and $ 721 from oil sales.

 

After deducting the financial dues for oil companies operating in the region for their oil extraction, the net amount remaining for the Kurdistan government is one billion, 831 million, 781 thousand, and 964 US dollars.

[yota691]

A former Iraqi official reveals that oil funds are being audited by international accounting firms

Abdul Basit Turki, the former head of the Office of Financial Supervision in Iraq

 January 18, 2021 11:58 PM

Mubasher: Abd al-Basit Turki, the former head of the Office of Financial Supervision in Iraq, confirmed today, Monday, that oil funds were audited by international accounting firms.

Turki said in the neutral program broadcast by Al-Iraqiya News, and followed by the official Iraq News Agency (INA), that "the last final account of the ministries was issued in 2012," noting that "the Board of Financial Supervision submits periodic reports to the House of Representatives."

Turki added, "In the final account for 2012, 8 trillion dinars were spent without an allocation."

The former head of the Office of Financial Supervision in Iraq noted that "there were contracts for medicines that were marred by corruption."

He mentioned that "in 2013, the region was loaned more money than it was due," noting that "the region refrains from cooperating in the field of financial auditing."

The former head of the Office of Financial Supervision in Iraq admitted that "the work of the Office of Supervision does not include the Kurdistan region."

Turki added, "There is an audit by international accounting firms for oil money."

The former head of the Office of Financial Supervision in Iraq stated that "corruption cannot be confronted without political will," adding that "there are government institutions targeting the purpose of blackmail."

[Laid Back]

 "There is an audit by international accounting firms for oil money."
 

Less corruption and more accountability 

 

This will help to speed the process of HCL agreement 

 

Go HCL

Go RV

Go 2021

[southbeach]

beautiful

[yota691]

 

SOMO issues an explanation regarding Iraq's oil production and Kurdistan's quantities

 

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 2021-02-03 13:39

 

Shafaq News / The Oil Marketing Company - SOMO - issued, on Wednesday, a clarification regarding the quantities of Iraqi oil exports for the month of January.

A statement by Sumo received by Shafaq News stated, “Media agencies published on 2/2/2021 that Iraq's production reached (3870) thousand barrels / day during the month of January, according to their sources, and in this regard we would like to show the following:

1- Iraq's production ceiling set for the first quarter of 2021 (January - February - March) is (3857) thousand barrels / day.

2- Based on the achieved export rates for the month of January of (2868) thousand barrels / barrel for the federal government and (397) thousand barrels / day for the Kurdistan Region, the total total of Iraqi exports for the month of January is (3265) thousand barrels / day.

3- The internal consumption of the federal government, according to the plan, is (520) thousand barrels / day. As for the internal consumption of the Kurdistan region, according to the latest report of (Deloitte) is (22) thousand barrels / day A day, the total consumption of Iraq reached (542) thousand barrels / day.

4- Based on paragraphs (2 and 3), Iraq's total production for the month of January is (3807) thousand barrels / day.

5- Iraq’s commitment rate for the month of January is (106%).

6- That Iraq has implemented approximately (50) thousand barrels / day of the total compensatory quantity amounting to (626) thousand barrels / day. Thus, the remainder for compensation during the months (February, March) is ( (576 thousand barrels per day) with the offer that the data that will be approved to issue the compensation plan for the coming period will be based on the final reports of secondary source institutions