Deloitte, the global professional services firm, has disclosed audit data for oil production, exports, expenses, and sales in Kurdistan Region for Q1 2023. Interestingly, these figures pertain to the first three months of the year, before oil exports were suspended on March 25, marking the end of the quarter.
According to the firm, the region produced a total of 36,723,475 barrels of oil during this period. Of this, 32,307,382 barrels were exported via the Ceyhan pipeline, while refineries contributed an additional 4,039,232 barrels. Domestic oil sales stood at 376,861 barrels.
Total oil revenue in the Kurdistan Region amounted to $2,199,684,396, with an average oil price of $67.639 per barrel. Revenue from domestic oil and refineries was listed as $22,098,456, with an average price of $58,638 per barrel.
Expenditures for oil in Q1 2023 totaled $1,253,187,254. After accounting for these expenses, the remaining revenue set aside for government salaries was $946,497,142.
As part of its auditing duties for the oil and gas sector in the Kurdistan Region, Deloitte routinely publishes these reports every four months. These reports are part of the transparency initiative of the Kurdistan Regional Government's work program, providing verified data on exports, consumption, expenditures, and oil revenues.
Given the halt in oil transportation via Ceyhan following the favorable ruling for Iraq by the French ICC court in a dispute with Turkey, the next audit is expected to reflect a fraction of these figures.