Iraq’s Kurdistan Regional Government (KRG) will immediately begin delivering at least 230,000 barrels of oil per day to state oil marketer SOMO for export under a new agreement approved by the federal cabinet, an official statement showed.
The statement on Thursday said that production from its oilfields stands at 280,000 bpd, of which 50,000 bpd is allocated for local consumption.
The KRG will cover production and transportation costs for the domestic oil allocation.
Revenue from refined products will be transferred to the federal treasury after deducting expenses, it added.
(Reporting by Ahmed Rasheed and Ahmed Elimam Editing by David Goodman)
