The Ministry of Natural Resources (MNR) anticipates the sale of the first batch of 2 MMbbl of exported crude oil to occur at the end of January. Thereafter, monthly batches will increase to 4 MMbbl by the end of February and 6 MMbbl by the end of March, then steadily stepping up to 10–12 MMbbl in December 2014.
At the beginning of this month crude oil produced from the Tawke field began flowing through Kurdistan’s new pipeline system to the port of Ceyhan, and crude oil from Taq-Taq and other producing fields will soon be added to the export system, resulting in a blended medium crude oil quality of 30 to 32 degrees API.
Prospective buyers can load the crude oil shipments in the port of Ceyhan under similar arrangements as those used for SOMO (the State Oil Marketing Organisation) for oil export from Kirkuk, Iraq.
Details of each batch will be published by MNR in due course, and all tenders will be competitive and based on international pricing. In order to ensure full transparency of the sales and contracting process, independent observers will be invited to each tender, together with representatives of the oil companies that have produced the exported oil.Article continues below…