Of the crude oil and condensate that Iran exported in 2020, more than half went to China. According to analysis from ClipperData, much of the oil that was shipped from Iran to China was relabeled as coming from countries such as Malaysia, Singapore, the United Arab Emirates, Iraq, and Oman.
How many oil fields are there in Kurdistan?
5 oil fields
It is worth pointing out that the region of Kurdistan, in its current borders, possesses 5 oil fields, including the Khurmala dome, which is the northern extension of Kirkuk field. These fields contain about 3.1 billion barrels, with daily production capacity estimated at 375,000 barrels a day.
Where is Kurdistan in the world?
Kurdistan generally comprises the following four areas: southeastern Turkey (Northern Kurdistan), northern Iraq (Southern Kurdistan), northwestern Iran (Eastern Kurdistan), and northern Syria (Western Kurdistan). Some definitions also include parts of southern Transcaucasia.
How much is Kurdistan worth?
The Kurdistan Region’s growth rate was 12% in 2012 and is predicted to reach 8% in 2013. The Region as a whole has a GDP of over $23.6 billion, with per capita income standing at $4.452.
How much of the world’s oil is in Iran?
Iran holds 10% of the world’s proven oil reserves and 15% of its gas. It is OPEC’s second largest exporter and the world’s fourth largest oil producer.
Is oil free in Iraq?
While its proven oil reserves of 112 billion barrels ranked Iraq second in the work behind Saudi Arabia, EIA estimated that up to 90-percent of the county remained unexplored due to years of wars and sanctions. Unexplored regions of Iraq, the EIA estimated, could have yielded an additional 100 billion barrels.
Which part of Iraq has the most oil?
According to independent consultants, the cluster of super-giant fields of southeastern Iraq forms the largest known concentration of such fields in the world and accounts for 70 to 80 percent of the country’s proven oil reserves.
Where does Iraq export oil to?
The most recent exports are led by Crude Petroleum ($73.8B), Refined Petroleum ($4.29B), Gold ($2.54B), Tropical Fruits ($358M), and Petroleum Coke ($357M). The most common destination for the exports of Iraq are China ($21.1B), India ($19.8B), South Korea ($7.1B), United States ($6.36B), and Italy ($4.76B).
How do international oil companies operate in Iraq?
IOCs are very active in Iraq, including in the Iraqi Kurdistan region. IOCs operate under technical service contracts (TSCs) in Iraq, which the Ministry of Oil in Baghdad signs. IOCs in the Iraqi Kurdistan region operate under production-sharing agreements (PSAs).
What happened to Iraq’s oil deal with the KRG?
The agreement gave Baghdad control over Iraq’s northern crude oil exports, and in exchange, the KRG received payments from Baghdad equal to 17% of Iraq’s federal budget. This arrangement lasted until August 2015, when the KRG stopped oil transfers to SOMO.
Why has Iraq’s crude oil output increased since 2003?
Iraq’s crude oil output has increased since 2003 despite infrastructure bottlenecks, supply disruptions in the north, and contractual delays. Future growth remains uncertain, however, because of reduced foreign investment in the oil sector, which resulted from lower crude oil prices between 2015 and 2017 and again in 2020.
What happened to Iraq’s oil refinery facilities?
The Baiji refinery (Iraq’s largest at the time) also closed in June 2014 after being attacked by Islamic State (IS) militants. Following U.S.–led airstrikes against the IS in August 2014, the Kurdish Peshmerga took over the oil fields in northern Iraq, and subsequently, the KRG resumed operations at the Avana Dome and Bai Hassan.
