KRG Repayments Cannibalize Revenues As DNO Cuts Drilling Program

The KRG sold $612mn of crude oil in September, the most since November 2015, yet the government retained just $328mn of this according to the Ministry of Natural Resources (MNR), the lowest amount since May. Although payments to IOCs resumed last month after a near-50 day hiatus, some have already pressed pause on their investment plans.

Exports were boosted by the resumption of around 30,000 b/d exports from fields operated by Baghdad’s North Oil Company (NOC) in Kirkuk province (MEES, 7 October). The gradual ramp up of the 170,000 b/d Bai Hassan field following the 31 July attack by the Islamic State also boosted exports. (CONTINUED - 948 WORDS)