MESOP MIDEAST Report: oil production, profits stable in Iraqi Kurdistan

There have been a series of notable energy developments in Iraq recently.

Al-Monitor StaffApril 1, 2022 The American consultancy firm Deloitte has released its quarterly assessment of the oil sector in Iraqi Kurdistan.

The Kurdistan Region’s oil fields yielded a net of more than 37 million barrels of oil in the fourth quarter of 2021. The barrels sold at an average price of $68.43 a barrel, according to Deloitte’s report.

The report is dated March 17, but the Kurdistan Regional Government released it yesterday.

These figures are similar to the third quarter of 2021. The Kurdistan Region produced more than 38 million barrels of oil during that time frame at an average price of $62.87 a barrel, according to Deloitte.

This was not the only promising news for the Kurdistan Region’s oil sector recently. This week, Gulf Keystone Petroleum announced that its profits for 2021 nearly tripled to $301.4 million. Gulf Keystone Petroleum operates the Shaikan field in the Kurdistan Region.

In federal Iraq, the state-owned Iraqi Drilling Company signed this week a cooperation agreement with Azerbaijan’s state energy firm SOCAR. The three-year deal stipulates that the two entities will work together on oil drilling. The Iraqi Drilling Company has been seeking international help to speed up its drilling activity and implement modern technology, the Iraqi Ministry of Oil said in a press release.

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