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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Reuters: A decline in Kurdistan's oil production...and the suspension of exports has become a "polit

    Rocky
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    Reuters: A decline in Kurdistan's oil production...and the suspension of exports has become a "polit Empty Reuters: A decline in Kurdistan's oil production...and the suspension of exports has become a "polit

    Post by Rocky Mon 22 May 2023, 2:28 pm

    Reuters: A decline in Kurdistan's oil production...and the suspension of exports has become a "political" issue
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    Baghdad today - follow-up
    Oil production from the Kurdistan region continued to decline, with no indications of resuming export pumping to the Turkish port of Ceyhan, after a continuous halt for nearly two months.
    Turkey stopped northern Iraq's exports of 450,000 barrels per day through the Iraqi-Turkish pipeline (TADAWUL: 2360) on March 25, after an arbitration decision by the International Chamber of Commerce.
    The chamber ordered Turkey to pay Baghdad $1.5 billion in compensation for unlicensed exports made by the Kurdistan Regional Government of Iraq between 2014 and 2018.
    It is estimated that the 59-day stoppage has cost the Kurdistan Regional Government more than $1.5 billion.
    The stoppage, whose results were exacerbated by the limited storage capacity in the region, led to the cessation of most of its production, amounting to 450,000 barrels per day, within weeks. Even fields that continued to produce after the pipeline stopped have now had to stop or cut production.
    A spokesman for Genel Energy, operator of the Taq Taq field, said the field was no longer producing and pumping to storage facilities. The field previously produced 4,500 barrels per day.
    A source familiar with the operations of the Khormal field said that the field is currently producing about 50 thousand barrels per day.
    This is down from 100,000 bpd a month ago and 135,000 bpd before the pipeline to Turkey stopped.
    Iraq asked Turkey this month to resume pumping in the pipeline and loading operations at Ceyhan port on May 13.
    An official in the Iraqi oil sector said that the Turkish pipeline company BOTAS said it needed more time to verify the technical feasibility of the pipeline before pumping resumed.
    He added that BOTAŞ has not yet received instructions from the Turkish authorities, citing unofficial contacts with officials in the Turkish energy sector.
    "We are talking about weeks, not days, as an expected time frame for the resumption of exports. This issue is now more political than technical," the source said.
    Representatives of the ministries of energy in Iraq and Turkey could not be reached for comment.

    Iraqi government officials told Reuters earlier that the Turkish elections were to blame for the delay.
    Turkey held a presidential election on May 14, but none of the main candidates crossed the 50 percent threshold to decide the race in the first round. A run-off is scheduled for May 28.
    Source: Reuters
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