Deloitte publishes report on the Kurdistan Region’s oil revenues

Deloitte Company has recently published a report on the Kurdistan Region’s oil production, sales, exports and revenues for the first quarter of 2023.

According to the report, oil production in the region totalled 36,723,475 barrels, with 32,307,382 barrels exported, 4,039,232 barrels allocated to refineries, and 376,861 barrels sold domestically.

The report reveals that the total revenue from oil in the Kurdistan Region amounted to $2,199,684,396, with an average price per barrel of $67.639. Domestic oil revenue accounted for $22,098,456, with an average price per barrel of $58.638.

Moreover, the report highlights that oil production expenses for the first quarter of 2023 reached $1,253,187,254. The remaining sum of $964,497,142 was transferred to the Kurdistan Regional Government to be used for public sector salaries.

These reports by Deloitte Company form part of the transparency initiatives undertaken by the KRG to audit the oil and gas sector in the Kurdistan Region. Conducted every four months, they serve to verify the government's data on oil operations, exports, expenditures, and revenues.