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Volume 41 Issue 5
10
OAPEC Member Countries
Iraq
Iraq’s Oil Ministry announced on 1 April 2015 that the country’s total crude oil
exports in March 2015 reached more than 92.401 million barrels as follows: Basra’s
southern ports (more than 84.078 million barrels), and Kirkuk (more than 8.322
million barrels). Daily crude oil exports averaged 2.98 million bpd. International
oil companies shipped the quantities from Basra, Khour Al Ammiya, the Arabian
Gulf, and Turkey’s Ceyhan ports. March 2015 revenues reached about $4.457 billion.
Average selling price per barrel reached $48.244.
Gazprom Neft, a subsidiary of Russia’s Gazprom, announced
on 9 April 2015 that it has received the first delivery of Iraqi
oil. Iraq’s State Oil Marketing Co. (SOMO) delivered 500,000
bbl to the Turkish port of Ceyhan. The delivery is according to
Badra field development contract in East Iraq. Under the terms
of the contract, Gazprom Neft will conduct oil exploration and
production in Badra along with international consortium. The
contract consortium consists of Gazprom Neft 30%, Korea Gas
Corp. 22.5%, Malaysia’s Petronas 15%, and Turkish Petroleum
Corp. (TPAO) 7.5%. Interest held by the Iraqi government,
represented in the project by Iraq Oil Exploration Co., is 25%. The
development project is scheduled to last 20 years with a possible
5-year extension.