KRG Exports: Have They Peaked?

KRG independent exports from Ceyhan edged higher to a record 617,300 b/d in October, official data show. But a closer look at the stats – as well as output figures from key local operators – suggests this will prove the peak for some time to come. Ceyhan shipments have risen steadily in recent months despite a dip in output from the ‘KRG proper’ as operators such as DNO and Genel cut back investment to the bone in response to a lack of, or more recently minimal, payments (MEES, 6 November). This has so far been compensated for by the KRG marketing increasing volumes of crude from fields in Kirkuk province – primarily those such as Kurmala Dome, Avana and Bai Hassan which are de facto under KRG control. It has also pushed local operators, such as Shaikan operator Gulf Keystone, that had trucked exports to switch to the pipeline route. (CONTINUED - 199 WORDS)


table KRG: Key Crude Stats ('000 B/D)