KRG receives payment for first independently exported oil

ANKARA, June 25, 2014 – The payment for the sale of the Kurdistan Regional Government’s first cargo of independently exported crude oil – $93 million – is being transferred to Halk Bank, Turkey’s Minister of Energy and Natural Resources, Taner Yıldız, said on Monday. The Kurdistan Regional Government holds an account with the state-run bank to collect revenues for oil exports.

Markets in the Mediterranean are reported to be the buyers of the crude oil produced from the Taq Taq and Tawke fields in the Kurdistan Region of Iraq. Yıldız also confirmed that a third tanker carrying KRG crude has departed from Ceyhan and that a fourth cargo is in the process of loading.

While a violent insurgency swells in central Iraq, the KRG remains stable and is working to boost export volumes throughout the year. The operators of the region’s primary producing fields, Anglo-Turkish Genel Energy at the Taq Taq field and Norwegian oil company DNO at the Tawke field, expect production capacity to reach 200,000 bopd at their respective fields within the year.

Read our latest insights on: