The Kurdistan Region’s oil fields produced more than 37 million barrels of oil in the four months of 2021. The barrels were sold at an average price of $68.43  a barrel, according to the 10-page Deloitte’s report, that runs in three languages. 

These figures are similar to the third quarter of 2021. The Kurdistan Region produced more than 38 million barrels of oil during that time frame at an average price of $62.87 a barrel, according to Deloitte. 

This was not the only promising news for the Kurdistan Region’s oil sector recently. This week, Gulf Keystone Petroleum announced that its profits for 2021 nearly tripled to $301.4 million. Gulf Keystone Petroleum operates the Shaikan field in the Kurdistan Region. 

In Iraq, the state-owned Iraqi Drilling Company signed this week a cooperation agreement with Azerbaijan’s state energy firm. The three-year deal specifies that the two entities cooperate on oil drilling. The Iraqi Drilling Company is seeking international help to expedite up its drilling activity and implement modern technology, the Iraqi Ministry of Oil said in a press release.