Hawrami: Production of oil companies in Kurdistan reached 272 million barrels

, production and export of oil from fields in the region during the past years , noting that foreign companies operating have extracted 272 million barrels since 2003 .

Hawrami said during a session in the regional parliament , briefed by " Shafaq News " , that “ oil companies have spent in explorations in the region so far, about 15 billion dollars without costing the region one dollar , pointing out that it is due to spend other 10 billion dollars during the next two years .

He explained that the proportion of the profits of international oil companies operating in the region reached 15% , adding that ( the companies ) are subjected to certain procedures make a profit of 7 to 10 % only .

Hawrami added that the total production of oil extraction companies from the region since 2003 was 272 million barrels of oil at a price assumed an average of $ 90 for a barrel and the supposed total of its worth is 20 billion dollars.

He also said that the bulk of the extracted oil in the region was used for refining and production of oil derivatives , indicating that it has no revenue to the ministry

Hawrami added that the value of all extractions is less than the sums of our share of the Iraqi public budget, noting that Baghdad is required to pay 40 million barrels at least to us .

On the fate of extracted oil and its revenue , Hawrami said that the value of oil revenues derived from our fields after the bulk go to the Ministry of Electricity is $ 5 billion only.