The Kurdistan Region of Iraq has started exporting heavy crude to world markets, transported via trucks through Turkey, to a waiting tanker
According to Reuters, oil industry sources in the region said Kurdistan Regional Government (KRG) has started selling Shaikan crude through AIM-listed Gulf Keystone.
Trading company Powertrans, an intermediary used by the KRG to export its oil from Turkey, has sold a 30,000 tonne cargo of Shaikan crude, according to oil industry sources. The cargo is expected to be loaded at Dortyol's Delta Rubis terminal on Turkey's Bay of Iskenderun, later this month.
This sale comes just ahead of the planned exports of light crude Taq Taq via a new pipeline.
The Kurdistan Regional Government (KRG) began selling its oil in 2012, first with very light oil condensate and then followed by Taq Taq, which is being produced by London-listed Genel Energy.
Talks are, meanwhile, reportedly underway between the federal government of Iraq and KRG to reach an agreement over oil exports and revenue sharing. This comes shortly after Erbil and Ankara signed a multi-billion dollar energy package end of November 2013, which included gas pipelines and exploration deals.
The Shaikan oilfield is operated by Gulf Keystone, with Hungarian MOL holding a 20 per cent interest. Commercial production began in July 2013 with an initial capacity of 10,000 bpd and output is expected to reach 40,000 bpd in early 2014.
Taq Taq crude is also being tested in a newly completed pipeline, which links Kurdistan Region of Iraq's oilfields to the Turkish border, the news agency reported.
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