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Iraqi Kurdistan’s oil sector suffered a turbulent 2016 marred by attacks on export infrastructure, geological downgrades and failure to pay IOCs in a timely and reliable fashion.
Despite paying off around $350mn of prepayments to its crude offtakers in January-November 2016, it still has almost $2bn outstanding which will continue to hamper efforts to pay public sector wages, not to mention the $3.5bn owed to IOCs active in the region’s upstream ( MEES, 16 December 2016 ).
Final production figures have yet to be released but MEES expects 2016 output to average around 540,000 b/d, down from 577,000 b/d in 2015. The fall is largely down to the geological downgrading of Anglo-Turkish firm Genel’s Taq Taq field but also because Norway’s DNO and London-listed Gulf Keystone Petroleum (GKP) delayed investment at their Tawke and Shaikan fields respectively due to payment concerns and export problems in February-March. (CONTINUED - 1764 WORDS)
DATA INSIDE THIS ARTICLE
|chart||Oryx Struggles To Boost Hawler Output (‘000 B/D)|
|chart||Taq Taq Output Crashes (‘000 B/D), Payments Slide ($Mn) In 2016|