ERBIL, Kurdistan Region – Auditing giant Deloitte said Thursday the Kurdistan Regional Government (KRG) sold crude oil and condensate worth more than $2.1 billion in the last three months of 2018, down from $2.26 billion in the previous quarter. The KRG exported and consumed a total of 40,960,333 barrels from October 1 to December 31, Deloitte said in its quarterly report. Of this, 39,399,182 barrels were exported via the KRG’s pipeline with Turkey and 1,561,151 sold to local refineries for domestic use. “Gross value of crude oil and condensate sold (piped exports and local sales) [was] 2,149,809,755 USD,” the report said. “Average price per barrel achieved for oil sold [was] 54.197 [USD],” it added. After fees, debt repayments, licensing agreements, payments to oil producers, and other costs are deducted, the KRG netted just over $1 billion in sales and $86 million in additional advance payments by buyers. In the third quarter of 2018 (July-September), the KRG exported and consumed just over 35.6 million barrels of oil at an average of 67.73 USD per barrel, receiving $2.262 billion from export and internal sale. The KRG net income after serving its debts and paying for interest and tariff payments was $1.288 billion. In the fourth quarter, the KRG managed to pay off more debts despite having similar income in both quarters. For instance, payments made to oil producers was $616.149 million in the third quarter while that figure rose to $782.195 million in the fourth quarter. This corresponds with a recent report from Reuters, which says the Kurdistan Region’s debt to Russian oil giant Rosneft has dropped from $3 billion to $1.4 billion as of December 31, according to Rosneft’s first quarter figures. Deloitte was appointed by the Regional Council for Oil and Gas Affairs to review the KRG’s oil activities for 2014-2017. In a statement, the council said it “acknowledges the positive feedback received from stakeholders, including the international community, and reiterates its commitment to the people of Kurdistan that the two international audit firms, Deloitte and Ernst & Young, will continue to independently review the oil and gas sector, inclusive of all the streams.”
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