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KRG received $72 million from 2020 oil sales by Genel Energy

  2021-04-02  | 
 Zhyan News Network
A worker walks at Nahr Bin Umar oil field, north of Basra, Iraq, in this December 21, 2015 file photo. (REUTERS)
 Zhyan News Network


SULAIMANI – The Kurdistan Regional Government (KRG) has received over $72 million US Dollar from oil sale at its Taq Taq oil field during 2020, said London-based Genel Energy on Thursday (April 1).

The company, which pumps oil on the territory of the Kurdistan Region, said a total of 3,550,749 barrels of oil have been produced at Taq Taq oil field, 85 km southeast of Erbil.

Each barrel of oil which pumped by the London-based Genel Energy averaged at $27.80 US Dollar per barrel for 2020, the company said

The price of crude collapsed in 2020 amid the COVID-19 outbreak. In the wake of the pandemic striking the world in 2020, oil prices plummeted as fuel demands slump following numerous travel and business restrictions aimed at slowing the virus’ spread.

UAE’s energy firm Dana Gas announced on February 11 that despite the challenging year caused by the COVID-19 pandemic, it profited $32 million for oil production in the Kurdistan Region during the year of 2020.

According to a statement released by Dana Gas, lower oil prices and lower production in Egypt led to reduced revenue generated in 2020 compared to the year of 2019.

“Revenue was $349 million (AED 1.27bn) in 2020 compared to $459 million (AED 1.68bn) in 2019,” Dana Gas said.

In the fourth quarter of 2020, production by the UAE energy firm was up by 9% because of the “successful” completion of the plant bypass project.

The daily oil production per barrel from the Kurdistan Region and Egypt oil fields held by Dana Gas reached 63,200 barrels, up by 2%, the company added.

Dana Gas said it aims to develop its assets in the Kurdistan Region by finishing a 250 MMscf/d gas processing train in Q1 2023, and drilling five development wells in the following year.

(Zhyan English)