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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

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    Reuters: The Kurdistan Region Lost More Than 1.5 Billion Dollars Due To The Halt In Oil Exports

    Rocky
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    Reuters: The Kurdistan Region Lost More Than 1.5 Billion Dollars Due To The Halt In Oil Exports Empty Reuters: The Kurdistan Region Lost More Than 1.5 Billion Dollars Due To The Halt In Oil Exports

    Post by Rocky Tue 23 May 2023, 5:19 am

    Reuters: The Kurdistan Region Lost More Than 1.5 Billion Dollars Due To The Halt In Oil Exports
    05/23/2023
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    Earth News / Oil production in the Kurdistan region continues to decline, with few indications of the resumption of exports to the Turkish port of Ceyhan, after a halt that lasted for nearly two months, according to a Reuters report.
    Turkey stopped the Kurdistan region's exports of 450,000 barrels per day through the Iraqi-Turkish pipeline on March 25, after a ruling by the International Chamber of Commerce.
    The International Criminal Court ordered Turkey to pay Baghdad $1.5 billion in compensation for exports it described as “unauthorized” by the Kurdistan Regional Government between 2014 and 2018.
    It is estimated, according to Reuters, that the 59-day stoppage has cost the KRG more than $1.5 billion.
    According to Reuters, the stoppage, in addition to the limited storage space in the region, halted most of the region's production of 450,000 barrels per day within weeks, indicating that the fields that continued to produce are now offline or operating at low production.
    A spokesman for the operator Genel Energy said the 4,500 bpd Taq Taq field was no longer producing and storing.
    According to a source familiar with field operations, the Khurmala field is now producing about 50,000 barrels per day.
    This is down from 100,000 bpd a month ago and 135,000 bpd before the pipeline was shut down.
    The resulting losses from the KRG's loss amounted to more than $1.5 billion, based on exports of 375,000 barrels per day, the KRG's historical discount for Brent crude and 59 days of outages.
    Iraq asked Turkey this month to resume pipeline flows and loading operations at Ceyhan on May 13.
    An Iraqi oil official said Turkish pipeline company Botas said it needed more time to verify the technical feasibility of the pipeline to resume flows.
    However, the source said that Botas has not yet received instructions from the Turkish authorities, citing informal contacts with Turkish energy officials.
    "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.
    On May 13, the Iraqi Oil Ministry, through its spokesman, Assem Jihad, renewed its confirmation of the completion of all procedures related to the operations of resuming the export of Kurdistan Region's oil through the Turkish port of Ceyhan, which has been suspended since March 25.
    In response to questions from journalists, including the Shafaq News Agency correspondent, Jihad said, "The Iraqi side has completed all procedures related to the resumption of oil exports, and the Turkish authorities have been informed of this, and are awaiting their response."
    In addition, the US Bloomberg Agency reported that officials from Turkey, which is running in the second round of the presidential elections, have said that they want to negotiate a settlement of $1.5 billion before reopening the pipeline and port to Iraqi oil flows.
    For his part, an Iraqi official told Bloomberg Agency that Turkey had informed Iraq that maintenance work at the port, to repair the damage caused by the recent earthquakes, is still continuing.
    The federal government in Iraq and the Kurdistan Regional Government usually export about 450,000 barrels per day of crude oil through the port of Ceyhan, which represents about 10% of Iraq's total production, while most of the crude is exported from the southern ports on the Persian Gulf.
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