Erbil oil revenues reached over $1.3bn in first quarter of 2022
Shafaq News / The Kurdistan Regional Government's oil revenues reached over one billion U.S. dollars during the first three months of 2022.
The Regional Government has commissioned Deloitte to produce an audited report detailing oil exports, production costs, and revenues for the first quarter of the current year.
The report, which analyzes the oil and gas industry on a quarterly basis, said that the Region had exported over 36 million oil barrels from January 1 to March 3, at an average price of $86.7 per barrel.
Over three billion dollars worth of oil sales were made during the mentioned period.
The report noted that crude oil delivered for the KRG Ministry of Natural Resources refining was 2,226,083 barrels, indicating that the gross value of crude oil sold by the KRG in the quarter was $3,028,903,497.
The gross value of crude oil and condensate sold, including piped exports and local sales during the same period was $3,063,356,891, Deloitte revealed.
“We did not identify any misstatements in the January 1 to March 31, 2022 oil export and consumption data,” the review noted. “We did not identify any misstatements in the January 1 to March 31, 2022 oil sales data and the net amount received in the period by the KRG.”
March recorded the lowest incomes, coinciding with Baghdad's top court that found the Kurdistan Region’s oil and gas law to be “unconstitutional”.
According to the report, Erbil's oil and gas income is expected to take a harder hit in the second quarter of 2022, especially following reports that US energy giants Schlumberger, Baker Hughes, and Halliburton will stop tendering for projects in the Kurdistan Region, in compliance with the Iraqi top court’s decision.
Deloitte is “a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax, and related services. Its member firms in more than 150 countries and territories serve four out of five Fortune Global 500 companies.”
