SULAIMANI (ESTA) — The Kurdistan Region’s oil exports and consumption in 2020 reached 165,942,861 barrels, bringing in more than $2.345 billion in revenue, according to a report released by Deloitte.
The Kurdistan Regional Government (KRG) released reports prepared by Deloitte on oil production, export, consumption, and revenue in the Kurdistan Region between January 1 and December 31 of last year.
The Region signed a contract with the international audit firms on October 5, 2015 to examine oil production and revenue in an effort to improve transparency.
According to the report, the Kurdistan Region’s operators pumped 165,942,861 barrels of oil in 2020.
In total, the Region brought in a gross of $4,448,835,268 for oil sales last year. Accounting for various payments, tariffs, and other costs and debits, the net cash balance the KRG received from sales was $2,345,477,711 USD.
A total of more than $294 million of KRG funds remain held in a bank account in Lebanon, according to Deloitte.
“Banks in Lebanon continue to restrict the movement of foreign currency outside the country,” the report said.
Deloitte further said the KRG had received $415 million in long term advance payments against future crude oil purchases.
“These advances are repayable, either in cash or by the way of offset against payments due for crude oil deliveries,” it added.
“The resulting total balance owing from the KRG to buyers at the end of the period was USD 4,213,159,804,” the report said.
“Part of this balance includes amounts advanced in Euro that are to be repaid in Euro at the prevailing exchange rate at the time of settlement,” it added.
