The Ministry of Natural Resources is pleased to announce an increase in oil export from the Kurdistan Region of Iraq. Daily flow rates through the Kurdistan crude pipeline to Turkey have risen from 185,000 in August to nearly 300,000 in the first week of November, representing an increase of some 60 percent over the last four months.(…)
By the end of this year, the Kurdistan Regional Government (KRG) plans to increase export to around 400,000 barrels per day (bpd) and to 500,000 bpd by the end of the first quarter of 2015. The KRG remains on track to meet its production target of 1 million barrels per day by end 2015/early 2016.(…)
From the cash payments, some $400 million has been used to pay both trucking costs and as part payment to the oil producers. Hence, the net cash received by the KRG during this period is $1.7 billion. In addition, the KRG has also received a further $500 million in prepayment from committed purchasers of crude against future deliveries of oil piped to Ceyhan.