Official Iraqi crude exports edged up to 2.44mn b/d for July, 116,000 b/d up on a year ago. All official exports are now from Iraq’s southern ports; federally-controlled northern exports have been halted since Islamic State jihadists (IS, formerly known as ISIS) grabbed the area around Mosul in mid-March. Northern exports averaged just 85,000 b/d for the first half of 2014, a mere 30% of year-ago levels (see table). Iraq’s key southern fields appear under little immediate threat from IS advances, but the jihadists have in the past week had several clashed with KRG fighters. IS has taken several small towns close to the Syrian border, albeit ones outside the ‘KRG proper’. Whilst all firms operating in the KRG say operations are, as yet, unaffected, several have withdrawn staff.
Key producer Anglo-Turkish Genel Energy on 8 August acknowledged that “in line with moves by other operators, we are taking the prudent and precautionary step of withdrawing non-essential personnel from our non-producing assets in the region.” It added that its Taq Taq and Tawke fields “remain safe and secure. Operations there are unaffected, with combined gross production from both fields averaging 230,000 b/d this week.” (CONTINUED - 474 WORDS)
