ERBIL, Kurdsitan Region - The Kurdistan Regional Government (KRG) exported an average of 595,528 barrels of oil per day (bpd) in the month of October, the government announced Wednesday.
In a statement, the KRG said a total number of 18,461, 357 barrels was transferred through the Kurdistan pipeline network to the port of Ceyhan in Turkey.
Of this amount, the KRG said that its fields contributed 13,611,252 barrels (439,073 bpd on average), while fields operated by the North Oil Company (NOC) contributed 4,850,105 barrels (an average of 156,455 bpd).
The current price of oil is $40.70, according to energy markets, meaning the value of the month's export would be more than $750 million.
"Due to circumstances beyond the KRG’s control, during October there were three days of downtime for the export pipeline, caused mainly by attempts at sabotage and theft," the statement read.
The KRG added that it has continued to increase its direct oil sales in Ceyhan to compensate the region for the budget shortfalls from the federal government in Baghdad.
"The KRG will continue to work with its counterparts in the federal government to reach a resolution on all the outstanding issues of oil and gas and in this regard it sees an opportunity for solid progress in the forthcoming discussions over the 2016 federal budget," the monthly statement concluded.
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