Erbil, Kurdistan Region, Iraq -The KRG Ministry of Natural Resources (MNR) announces the publication of its third Monthly Report, covering activities in the month of December, 2013.
The Report will help interested citizens, companies and the media to closely follow the activities and progress of the oil industry in the Kurdistan Region.
The Report contains the latest information on production and export in the Kurdistan Region, domestic refining and consumption, well activity, rig counts and map, employment figures and updates on Production Sharing Contracts.
The December report also contains two new sections: production, refining and exports from 2003-2013; and Iraq’s domestic oil consumption versus KRG consumption and its entitlement from 2003-2013.
Since 2003, in total Iraq has consumed 1,986,968,445 barrels of which 239,441,195 barrels have been consumed by the KRG, which is 12% of Iraq’s total domestic oil consumption as opposed to the 17% entitlement of the KRG. Therefore the KRG has consumed 98,343,442 barrels of oil less than its entitlement.
Furthermore, due to weather and other economic and special conditions in the Kurdistan Region, the KRG believes its entitlement should be 20% of total domestic oil consumption in Iraq, as opposed to 17%. In which case the KRG would have consumed 157,952,495 barrels less than its entitlement.
To make up for the historic and systematic shortfall in the supply from Baghdad of much needed products such as diesel, benzene and kerosene, the KRG will continue with its policy of swapping and selling crude oil for products.
The Monthly Report is part of MNR’s ongoing commitment to transparency. Each report will be in English and Kurdish and will be posted every month on MNR’s website www.mnr.krg.org. Hard copies will also be available. To see the English version of the report, click here.