Monthly oil exports of over 412,000 BPD, selling at an average of $32.44 per barrel
Lower oil prices and “adverse geopolitical developments” have led GKP to default on debt obligations and cash flow problems.
A Kurdistan Regional Government (KRG) source has stated there are currently negotiations discussing a potential oil pipeline between Kurdistan and Iran.
According to North Oil Company (NOC) statement on 29th March 2016, this amount has accounted for 65% of Iraqi Kurdistan's total oil exports.
Kurdish Prime Minister, Nechirvan Barzani said low oil prices have dealt a "painful blow" to the regional economy.
'The oil company will get the Kurdish crude oil to be refined in its refineries, it added.
'It was reported that more than 110.000 tourists visited the Kurdish region during the past year.
'Deputy Governor Tahir Abdulla expected that the number of tourist will be increased during this spring and summer of this year.
'In a statement, the company disclosed reaching a final agreement with the Kurdish Natural Wealth Ministry on its oil payments for the period starting from May to December, 2016.'
'The Kurdish government agreed to allocate 20 million dollars to finance the elections' costs.'
'It was reported that the Rosneft Company will give a loan to the Kurdish region to be re-paid during 3-5 years, but no exact figure for the loan was given.
'Kurdistan's natural sources minister Ashti Hawrami told Reuters new debt talks concluded in recent weeks gave the region grace periods of between 3 and 5 years for repaying the debt.'
'MP Sabir pointed that all indications proved that the situation in the region is declining due to the stoppage of thousands of services' projects,
'According to 10-year statistics, the investments in 2016 registered the lowest figures to be less than 2 billion dollars, while in 2015 reached to 4 billion dollars.
'Iraqi crude shipments rose 3 percent in the first half of February even after OPEC’s second-biggest producer agreed to participate in global output cuts to mop up a glut '
'During the three year period following such a termination, Genel would have a right of first refusal to participate in the development of the Miran and Bina Bawi gas fields '
'The operator of the Tawke field, DNO ASA, expects production from the field to remain stable at the current rate of 115,000 bopd in 2017'
'DNO ASA, the Norwegian oil and gas operator, today announced a stepped up drilling campaign in the Kurdistan region of Iraq and the Sultanate of Oman '
'The funds are to be shared pro-rata by DNO and partner Genel Energy'
'Genel Energy and DNO oil companies reported the news on their electronic sites.'
'Kurdistan Regional Government (KRG) has paid oil operators for the first time in 7 weeks'
'Peshkabir-2 well in the Kurdistan region of Iraq on the Cretaceous horizon in the southern flank of the Peshkabir field.
'These comments arise after Kurdistan Regional Government and Baghdad have disputed conditions of an oil sharing agreement and Kurdistan's attempts to become an autonomous state. '
'Prime Minister Bargain expressed gratitude for Japan’s ongoing support of KRG '
'Stuart Catterall who will also join the Executive and Leadership teams'
'The drilling of the third well in the appraisal and initial development of the Zey Gawra field targeting the Cretaceous reservoir is planned in the second quarter of 2017.
'Wikileaks published secret information on Kurdish attempt to sell some of its oilfields for 5 billion dollars to pay Kurdistan's debts.'
November oil export numbers show the KRG has exported on average, 587,646 barrels of oil per day. '
'Revenue was US$568 Million '
The $85 billion proposed spending bill which was submitted to the Iraqi parliament in October is expected to draw harsh criticism from lawmakers '
'This is the second oil-audit agreement that the KRG has signed with major international auditing firms.'
'The new system will allow OSCs to: Apply for registration and listing remotely from anywhere in the world'
'The facility will handle petroleum products such as gasoline, diesel, aviation turbine fuel, kerosene, fuel oil and liquefied petroleum gas.
'“Glencore expects to enter into a new five-year agreement with the government of Kurdistan to buy its crude,” Reuters reported.
'The Ambassador spoke of the interest of Croatian companies to come and invest in the Kurdistan Region in different fields.
'During the month it exported 540.9k bpd from the Turkish port of Ceyhan'
'Not long after oil sharing agreeement was signed, KRG halted transfers of oil to State Organization for Marketing Oil and therefore, Baghdad stopped making transfers of federal funds.
'Kurdish oil player Genel Energy said its quarterly production from northern Iraqi fields was inching lower and it was time to revisit development plans.
'The meeting at the Iraqi Parliament for Gas Committee decided to increase its current volume of half a million liters of oil to Kurdistan. '
“The Hasira-1 well was safely suspended in the third quarter of 2015 and future options to utilize the well bore continue to be evaluated,”'
'KRG Reports increase in previous month oil production '
Economic cooperation between Kurdistan and Lebanon has witnessed a positive growth in recent years'
'According to the agreement, from now on no Ministry of Natural Resources (MNR) report will be published without first being reviewed by Deloitte.
The payment reflects full settlement of the invoiced amount for July 2016 oil sales,'
'Genel’s net share of the payment is $12.85 million.'
The meeting was initiated by Deputy Secretary Blinken stating that the United States support for the Kurdistan Region will continue '
'NOC is hoping to re-establish connectivity in 24 hours. '
' “the previous oil agreement [between the KRG and the Iraqi government] is still in effect.”'
'A new Consul General of the Republic of France has been appointed to the Kurdistan Region according to Minister Falah Mustafa'
'KRG Minister of Foreign Relations, Ambassador of Ukraine to Iraq Mr. Anatolii Marynts announced the decision of the government of Ukraine to open an honorary consulate in the Kurdistan Region '
'Monthly oil exports of over 412,000 BPD, selling at an average of $32.44 per barrel'
'The two governments are still under heated discussion '
'KNOC has lost US$130 million.'
'The original deal between Baghdad and Kurdistan required KRG to export 300,000 bpd to Iraq’s Federal State Organisation for the Marketing of Oil'
'KRG Board of Environment and Mine Agency brief diplomats on their needs
'The cut of the Kurdistan Regions budget share by the Iraqi central government since early 2014 encouraged the KRG to sell its oil independently'
The Kurdish economy will recover, partly with the help of Britain, says Angus McKee, who after two years as the British Consul General in Kurdistan has left for London'
'U.S. has stepped in and agreed to pay the salaries for the Pashmerga after a memorandum was signed between the two countries on July 12.'
'Lower oil prices and “adverse geopolitical developments” have led GKP to default on debt obligations and cash flow problems.
'KRG Exported 514,000 bpd from Ceyhan '
'Also met with newly appointed US Consul General '
'Gulf Keystone Petroleum, announced it has only received partial payment from the Kurdistan Regional Government (KRG), for exported oil. '
'Kurdistan Regional Government (KRG) may soon reach an agreement with Iran to export 250,000 a day of oil to Tehran'
'In the past month, KRG has exported 513,041 barrels of oil per day through Ceyhan, Turkey,'
'WesternZagros Resources has announced the approval of the Garmian Block Field Development Plan (“FDP”) from the Kurdistan Regional Government (“KRG”) and the submission of the Kurdamir Block FDP.'
According to the available data, historical reports, and recent investigations, the MNR has identified 7 prospective blocks for investment. '
'During the month there were approximately 4 hours of downtime for the export pipeline.
'This is a partial payment of the invoiced amount, Gulf Keystone said, and the balance is expected shortly.
'The payment relates to oil sales in April, and also includes some arrears for past crude deliveries.
'Iraq's total oil output has reached 4.7 million barrels per day (bpd) and exports are running at a record 3.9 million bpd'
'This year Angola, Nigeria, Iraq, Venezuela and Kurdistan are due to repay a total of between $30 billion and $50 billion with oil'
'This incorporates USD18.8 million towards contractor monthly entitlement and USD3.7 million for previous sales made from the field'
'290,000 liters of natural gas have been dispatched to Iraq from Iran'
'There is already an embassy in Erbil,'
'Abu Dhabi Makes 2016 First Quarter Projections '
'KRG received $376,395,901 in April from crude exports and $58,895,901 was paid to producers.
'In accordance with the expected 5,000 bpd from Sargala-1 well, monthly payments will also be made within the first 10 working days of the next month.
'Gross production rates are expected to average approximately 5,000 barrels per day for the well with monthly payments to be received within 10 working days of the following month.'
'The company said it will boost investments on the back of seven consecutive monthly oil payments, the last three of which were in line with its contractual entitlements.
'Indian Ambassador to Iraq, Mr. George Raju yesterday visited the KRG Department of Foreign Relations to discuss the opening of Indian consulate general in Erbil.
'In Iraq’s Kurdistan Region, we have resumed full local sales and entered into a new agreement with the Ministry of Natural Resources to receive regular monthly payments.'
Regarding the anticipated referendum for independence, Prime Minister Barzani said that the issue of independence is a legitimate '
'Gazprom recently released its operational management report indicating their various projects in production stage, including Iraq:
'President Masoud Barzani received a Japanese embassy delegation headed by Ambassador Fumio Iwai, Japan’s Ambassador to Iraq.
' Kurdistan Regional Government has also reported record export numbers of crude going from 327,000 bpd to 420,000 bpd in April.
'With the strong commitment of the Kurdistan Region authorities, construction practices have been revisited, modernized and aligned...'
' "we have absolutely no problems with any conditions that (would) be placed on financial assistance given to us." '
'Genel and DNO will share these funds as announced in an earlier Rebuilding Iraq news release.
'Genel sales from Taq Taq field totalled in an average of 75, 300 bpd.'
'It is reported Iran is in talks with Iraqi Kurdistan to restart services to the affected areas. There was previously a deal between Iraqi Kurdistan and Iran to provide electricity to the area.'
'The KRG exported 10,148,487 barrels of crude oil (an average of 327,371 barrels per day (bpd)) in the month of March through the Kurdistan pipeline network to the port of Ceyhan in Turkey.'
'Kurdistan is currently exporting oil independently from central Iraq and have also stopped receiving government funding.
'GPK has done recompletion of Shewashan-1; phase 1 production will be processed at 10,000 bopd. Phase 1 investment budget is $77US million.
'A Kurdistan Regional Government (KRG) source has stated there are currently negotiations discussing a potential oil pipeline between Kurdistan and Iran. '
'Iraq Kurdish oil exports 327,371 bpd in March, KRG says'
'According to North Oil Company (NOC) statement on 29th March 2016, this amount has accounted for 65% of Iraqi Kurdistan's total oil exports. '
'Gazprom Neft' PAO : to resume oil production in Kurdistan
'WesternZagros announces corporate update'
'Were it not for war that is currently going on in Iraqi Kurdistan, the Kurdistan Regional Government (KRG) Would have Invested $1US billion'
'Genel has confirmed receipt of payments of around US$24mln for crude oil exports from the Tawke and Taq Taq fields in the Kurdistan region of northern Iraq.'
'The ongoing dispute between Iraq and Iraqi Kurdistan continues as has not not yet pumped oil to Turkey via the Kurdish pipeline, according to the Iraqi Minister of Oil.
Genel's share price has gone down 42% forcing chairman'
'Kurdish Prime Minister, Nechirvan Barzani said low oil prices have dealt a "painful blow" to the regional economy. '
'Operating losses for DNO in 2015 were $174US million.'
'Gulf Keystone Petroleum Ltd., which largely operates within Kurdistan has announced the company's shares have gone down 25% '
'Baghdad Halts Kirkuk Oil Exports via KRI
'The Norwegian oil and gas operator, DNO ASA which largely operates in Iraqi Kurdistan has released its annual 2015 report which indicated record levels of operations '
'Russian Ambassador Discusses Ties with KRI'
'The KRG will therefore make an allotment of oil for Glencore in its oil reserves in the future months.
'Kurdistan resumes oil exports after three-week break squeezes budget'
'"The recent reserve downgrades are another blow to optimism about Kurdish oil production," said Richard Mallinson, geopolitical analyst at consultancy Energy Aspects.
The three-week outage of Iraqi Kurdistan's pipeline which carries oil to the Mediterranean port of Ceyhan could likely open soon.'
'Despite the fact that Kurdistan-Ceyhan pipeline has been down for 13 days and is still in fact currently not operational.
'The pipeline will be in operation by the end of the week. '
'Similar pipeline disruptions in Nigeria with a spill and maintenance in the UAE also affected oil output.
'Pipeline will not operate for a further two weeks. '
'According to the agreement the Italian team will establish the factory in the Kurdistan region in the next 90 days'
'Kurds put Abadi in the position of either finding a way to follow through or risk being blamed for the failure of the proposal'
'Employees' unpaid wages are considered loans to the government. '
'The report provides a comprehensive overview of activity in the Kurdistan Region’s oil and gas sector in 2015, including the revenues derived from oil exports.
'The KRG exported 18,656,131 barrels of crude oil'
'Adel Abdul Mahdi has agreed to allow any decision by OPEC and non-OPEC members when considering a cut in crude production.'
'Three of the region’s key decision makers all made the agreement to sell Kirkurk’s Oil'
'Genel Energy provide trading and operations update'
'MOL Group remains committed to maximize the value of its investments in the Kurdistan Region of Iraq, among others in the Shaikan Block'
'The payment, to be shared pro-rata with Tawke license partner Genel Energy plc'
'Genel Energy confirm receipt of payment for KRI oil exports from Taq Taq field'
'The first exploration well will be drilled in Halabja in 2016'
'Cost management continues to be an ongoing focus. '
'We are delighted to resume drilling activities at the Demir Dagh field after a period of inactivity'
'Genel’s share of the gross Taq Taq payment is $16.5 million'
'The KRG exported 18,023,075 barrels of crude oil - an average of 600,769 barrels per day'
'Kurdistan Arbitration– High Court of England Update'
'The report also includes information on the Region’s oil revenue'
'Prime Minister Barzani expressed his appreciation for the Ambassador’s visit,'
'9M 2015 revenue is US$324 million and net profit is US$10 million'
'The order relates to an interim payment of $100 million decided by the Tribunal last year on a provisional and reversible basis, because of the purportedly precarious financial condition of Dana.'
'KRG exported 18,461,357 barrels of crude oil - an average of 595,528 barrels per day '
'HKN has also declared that the East Swara Tika-1 well, drilled adjacent to the Swara Tika structure, is commercial.'
'The Company remains committed to advancing development on the Garmian and Kurdamir Blocks to grow production and cash flow'
'Kurdistan-Iraq Oil & Gas Conference & Exhibition 2015 '
'TAQA Atrush BV, and a Kurdistan Regional Government approved pipeline contractor.'
'Reported third quarter operated production of 152,507 barrels of oil equivalent per day (boepd) with year-to-date volumes up nearly 30 percent from 2014'
'Gas Plus Khalakan ("GPK"), the sole contractor of the Khalakan Block in the Kurdistan Region of Iraq'
'Tawke field partners have received a gross payment of $30 million for oil exported through the Kurdistan Region of Iraq-Turkey pipeline'
'Revenue for Q3 2015 of $77 million, with total revenue for the first nine months of 2015 of $276 million.'
'The history of the Kurdistan Region of Iraq’s oil industry cannot be written without Mehmet featuring prominently.'
'Following the payment, the Company's current cash position is US$76.2 million. In line with its existing debt payment obligations'
'Competent Person's Report Update'
'Unfortunately, the Kurds are no strangers to genocide, having experienced the systemic persecution of Kurdish communities in Iraq beginning in the 1960s'
'Damage to mail oil pipeline is stopping growth of region'
'I hope it will operate for more than 140 years, and the income belongs to our Iraqi brothers. '
'We have established a strong financial position for our Company and are well positioned to weather the adverse global market conditions.'
'Second quarter production from the Sarqala-1 well averaged 5,427 barrels of oil per day '
'The KRG has also been pleased with the level of technical cooperation on the ground from federal government entities such as the North Oil Company (NOC) and SOMO'
'"Last month the Kurdistan Region exported 4.4 million barrels of oil through SOMO Marketing Company, Baghdad in return sent 166 billion Iraqi Dinars to Kurdistan region,”'
'Ambassador Baker highlighted bilateral relations between Kurdistan Region and United Kingdom in all the fields, particularly the commercial and economic areas.'
'Tawke production in the third quarter to date averaged 157,000 barrels of oil per day (bopd), of which 134,000 bopd was transferred to the Kurdistan Regional Government for export '
'"Just after the explosion we've closed the oil valves to stop extra oil flow. We have taken measures and the attack won't have an effect on oil supply and demand," '
We have been working with some of our key customers to improve the service by using the latest software and technology, taking business
intelligence in Iraq onto the next level.Mason Johnson, Rebuilding Iraq Project Information Manager