Iraqi Kurdistan records increase in oil production

13 November 2016

Uptick in part due to restart of Bai Hassan field

Iraq’s Kurdistan Regional Government (KRG) produced an average of 614,071 barrels a day (b/d) of oil in October, compared with 564,808 b/d in the previous month.

The figures, which were announced by the KRG’s Ministry of Natural Resources, include a 49,388-b/d net contribution from fields owned by the federal government’s North Oil Company (NOC).

The increase is in part due to the restart of the Bai Hassan field in Kirkuk, with production having halted after it was attacked by the jihadist group Islamic State in Iraq and Syria (Isis) on 31 July.

Of the total produced, 540,857 b/d was exported via pipeline to the Turkish port of Ceyhan, while 73,214 was refined within Iraqi Kurdistan.

The KRG received net payments of $416.2m for October after deductions including payments to international oil companies (IOCs) and costs “retained from sales revenue by buyers against their past prepayments”. This compares with $327.6m for September.

The Erbil-based regional government received an average price of $39.32 a barrel for crude sold during October compared with $36.1 a barrel in September.

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