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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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    The 2024 budget is threatened with delay.. Solving the oil crisis requires raising Kurdistan’s share

    Rocky
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    • Post n°1

    The 2024 budget is threatened with delay.. Solving the oil crisis requires raising Kurdistan’s share Empty The 2024 budget is threatened with delay.. Solving the oil crisis requires raising Kurdistan’s share

    Post by Rocky Sat Jan 13, 2024 10:35 am

    The 2024 budget is threatened with delay.. Solving the oil crisis requires raising Kurdistan’s share by 20%

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    Baghdad today - Baghdad
    Although the government of Muhammad Shiaa Al-Sudani approved a tripartite budget for the main goal of not obstructing the approval of the budget as happens every year, the schedules and amendments to the 2024 budget are expected to go through a process of major obstruction and disagreements, due to the controversy over the Kurdistan region’s share as well as the requirements for resuming oil exports through Turkey. .
    The most important reason for not resuming the export of oil from the Kurdistan region and Kirkuk through the Turkish port of Ceyhan so far is the production cost and the shares of foreign companies operating in the region, as the tripartite budget imposed the cost of oil extraction by calculating the cost for oil companies operating in Kurdistan with the same number allocated to companies operating in southern Iraq. This is “not right,” according to experts.
    The cost of extracting a barrel in central and southern Iraq, and foreign companies’ shares of it, amounts to about $7 per barrel only under service contracts. As for Kurdistan’s contracts, they are participation contracts, and the cost of extracting and exporting a barrel amounts to approximately $33 per barrel. This is what made the oil companies operating in Kurdistan refuse to Resuming work, raising production, and resuming exports despite the announcement by the Turkish government, Baghdad, and all parties of their readiness to resume oil exports through Turkish Ceyhan.
    However, Al-Sudani pledged to make the necessary amendments to the budget, to solve the problem of the salaries of the region’s employees and separate them from the share of Kurdistan First, in addition to amending the costs of contracts and oil extraction in Kurdistan to resume oil exports, but this option may be “complicated.”
    Oil expert Nabil Al-Marsoumi says, in his blog, that “the average cost of producing and transporting a barrel of oil in the fields of the Federal Ministry of Oil is $6.9, while the average cost of producing and transporting a barrel of oil in the fields of Kurdistan is $32.91 distributed over the cost of producing a barrel of oil, which is $24.33.” The cost of transporting and exporting a barrel of oil amounts to $8.59.
    He pointed out that "it is very difficult to change the cost of oil production in Kurdistan in the 2024 budget because that requires adding about 3.8 billion dollars to the region's budget."
    The Kurdistan region’s share of the budget is 12.6% of the budget amounting to more than 150 billion dollars, which means that the region’s current share is about 19 billion dollars, which means that the new addition will raise Kurdistan’s share to about 23 billion dollars, meaning that it will increase by more than 20%.
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