First oil from south of Kurdistan sold on international market

KT News:

The first cargo of crude oil from an oil field in the south of Kurdistan has been sold on the international market. This has happened in defiance of the Iraq central government and against the background of its ongoing dispute with the Kurdistan Regional Government (KRG).

Reuters quotes sources as saying that a 30,000-ton cargo of crude oil was sold via tender for around $22 million after being taken by truck into Turkey. It came from Genel Energy’s Taq Taq field.

The direct trade of crude and condensate by truck through Turkey has risen to around 50,000 barrels per day (bpd), more than half of this coming from the Taq Taq field.

The Iraq Minister of Oil’s threat to sue Genel Energy and other companies for this trade has had little impact. Instead trade is expected to further increase when a new oil pipeline between the south of Kurdistan and Turkey is opened next year.

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