Iraq’s Kurdish area handed over virtually $80 million to overseas oil producers over the previous two days, however future funds could also be in danger.
Gulf Keystone Petroleum Ltd., Genel Energy Plc, DNO ASA and ShaMaran Petroleum Corp. reported funds from the Kurdistan Region Government on Thursday and Friday for gross sales of crude in July and August. Political tensions after the area’s independence referendum on Sept. 25 disrupted crude flows, which means all eyes might be on funds for October and November, mentioned Al Stanton, an analyst at RBC Europe Ltd.
“The referendum in September has actually muddied the water,” Stanton mentioned by telephone. “The problem now could be have we gone again successfully 5 years, the place there’s concern over the month-to-month funds?”
Foreign producers have beforehand suffered from irregular funds when oil costs slumped and KRG sources had been drained by the combat in opposition to Islamic State terrorists. While the fortunes of the businesses recovered as a rebound in crude markets replenished authorities coffers, the disruption to output round Kirkuk is weakening KRG funds, whilst fields operated by Gulf Keystone, DNO, Genel and ShaMaran stay unaffected.
“The temptation can be to rein within the funds for the oil firms, as soon as once more whereas the general revenues for the Kurdish Regional Government are constrained,” Stanton mentioned. “The dangers have elevated.”
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Northern Iraq’s crude exports to Turkish ports dropped final month by round 30% as Kirkuk shipments dried up, in accordance with tanker-tracking information compiled by Bloomberg News.
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