Iraqi Kurdistan oil revenue exceeds $2.7 billion in 2024: watchdog

Iraqi Kurdistan generated a total net profit of $2.72 billion from oil sales, according to an annual report.

SULAIMANI,— The Kurdistan Region of Iraq saw substantial oil production in 2024, with eight oil fields contributing to a total of 114 million barrels of crude oil.

According to data provided by the NGO research organization Roonbeen-Transparency, which operates out of Sulaimani in the Kurdish region, the daily oil production for the year averaged 311,491 barrels, with a total of 114,005,815 barrels produced.

The total net profit from oil sales for the Kurdistan Regional Government KRG amounted to $2.72 billion, as the region earned 70.8% of the revenue derived from its oil fields.

From this total, approximately 33 million barrels, or 29% of the output, were allocated to oil companies, while the remaining 71%, about 81 million barrels, stayed with the regional government.

The figures, separated by oil fields, also revealed a distinction in revenue distribution across the various fields.

Notably, the Khurmala oil field operated under a service agreement, unlike other fields which had production-sharing agreements. As a result, the shares from Khurmala were significantly lower for both the government and the oil companies compared to the other fields.

The government’s revenue from the Khurmala field was the highest at 85%, while the Sar-Sang field generated the lowest, with the regional government earning only 50% of the revenue. These differences underscore the varied income structure across the region’s oil fields.

The analysis showed that overall, the KRG earned approximately 70.8% of all revenue derived from these oil fields in 2024.

Financially, the Kurdistan Region’s total revenue from oil sales in 2024 amounted to $3.84 billion. Oil companies collectively earned $1.12 billion, while the KRG itself earned $2.72 billion.

However, the price disparity between oil sold by the KRG and the Iraqi government was significant. On average, the price of oil in the Kurdistan Region was around $33.69 per barrel.

In contrast, the Iraqi government, through the State Organization for Marketing of Oil (SOMO), sold oil at a price of $81.70 per barrel, creating a price difference of nearly $48 per barrel. The total discrepancy for the region’s oil production in 2024 was valued at $5.47 billion.

If the Iraqi government had sold the Kurdistan Region’s oil, the total revenue would have amounted to $9.32 billion, a significant increase from the $3.85 billion actually earned by the KRG.

The figures and insights were provided by Roonbeen NGO Organization, which is focused on promoting transparency in the region’s petroleum and gas sectors. The organization’s analysis is a critical resource for understanding the complexities of oil production and revenue sharing in the Kurdistan Region of Iraq.

Oil field	Daily Output BPD	Total Output – Barrel	Total Income – US Dollar $	US dollar stake of oil companies	Net profit for Kurdistan Regional Government	%
Tawke	79,765	29,194,115	1,034,564,788	315,714,465	718,850,324	69.5%
Sarsang	33,234	12,163,600	486,691,556	244,290,945	242,400,611	49.8%
Atrush	25,052	9,169,040	301,191,253	98,422,576	202,768,677	67.3%
Shekhan	40,688	14,891,780	404,073,918	174,469,829	229,604,088	56.8%
Khurmala	114,973	42,080,000	1,388,640,000	208,296,000	1,180,344,000	85.0%
Erbil	8,585	3,142,200	95,085,000	28,204,343	66,880,657	70.3%
Germian (Sarkala)	9,194	3,365,080	131,238,120	52,495,248	78,742,872	60.0%
Total	311,491	114,005,815	3,841,484,635	1,121,893,406	2,719,591,229	70.8%