KRG gains net $2.8 billion in oil sales in 2nd half of 2022: Report
ERBIL, Kurdistan Region - The Kurdistan Regional Government (KRG) in the second half of the last year pocketed about $2.8 billion from oil sales, selling a barrel of the crude oil between for $69 and $83, according to a report published by an international auditing company on Tuesday.
The report, audited by Deloitte and published by the KRG, stated that the government exported a total 35.9 million barrels of oil and sold 2.3 million barrels to local refineries in the third quarter of 2022. Nearly half a million barrels were dedicated to local needs. The KRG gained $3.1 billion in sales, receiving a net cash of $1.6 billion after paying the financial entitlements of oil companies and debts as well as transportation and storing fees.
According to the same report, the KRG sold a total of 40 million barrels of crude oil in the last quarter of the last year, receiving a gross amount of $2.4 billion. The government pocketed a net amount of nearly $1.2 billion from the sales.
The average price of a barrel of the exported oil for the third quarter was $83.3 while the KRG sold a barrel for $45.8 to local refineries. However, the price of an exported barrel was down to $69.4 for the following quarter and a barrel of the fuel was sold to local refineries for about eight dollars less.
“As part of the Kurdistan Regional Government (KRG) commitment to promote transparency, Deloitte have been commissioned to produce an audited report detailing oil exports, production costs, and revenues on a quarterly basis,” said the KRG in a statement.
The KRG’s net oil revenue for the first half of 2022 was nearly $2.9 billion.
The surge in oil prices in 2022 helped the KRG to resume paying its civil servants in full and almost on time after years of financial crisis - blamed on the war against the Islamic State (ISIS) and disputes with Baghdad.
The report, audited by Deloitte and published by the KRG, stated that the government exported a total 35.9 million barrels of oil and sold 2.3 million barrels to local refineries in the third quarter of 2022. Nearly half a million barrels were dedicated to local needs. The KRG gained $3.1 billion in sales, receiving a net cash of $1.6 billion after paying the financial entitlements of oil companies and debts as well as transportation and storing fees.
According to the same report, the KRG sold a total of 40 million barrels of crude oil in the last quarter of the last year, receiving a gross amount of $2.4 billion. The government pocketed a net amount of nearly $1.2 billion from the sales.
The average price of a barrel of the exported oil for the third quarter was $83.3 while the KRG sold a barrel for $45.8 to local refineries. However, the price of an exported barrel was down to $69.4 for the following quarter and a barrel of the fuel was sold to local refineries for about eight dollars less.
“As part of the Kurdistan Regional Government (KRG) commitment to promote transparency, Deloitte have been commissioned to produce an audited report detailing oil exports, production costs, and revenues on a quarterly basis,” said the KRG in a statement.
The KRG’s net oil revenue for the first half of 2022 was nearly $2.9 billion.
The surge in oil prices in 2022 helped the KRG to resume paying its civil servants in full and almost on time after years of financial crisis - blamed on the war against the Islamic State (ISIS) and disputes with Baghdad.