Kurdistan Region’s oil industry showed notable growth in Q1 2025, with increased production levels and higher revenues across key oil companies operating in the region. DNO, Genel Energy, and ShaMaran Petroleum each reported production gains and stable pricing despite ongoing geopolitical and infrastructure challenges.

DNO announced an operating profit of $28 million from total revenue of $188 million in Q1 2025. Production in the Kurdistan Region increased by an average of 11% daily. The Tawke contract area achieved an average daily production of 82,081 barrels, with barrels sold domestically at $35 each, payments for which were received in advance.

Detailed Production Performance:

• Tawke field averaged 29,304 barrels per day, up from 27,864 barrels in Q4 2024.
• Peshkhabur field averaged 52,778 barrels per day, an increase from 46,279 barrels in Q4 2024.

London-listed Genel Energy, another major operator in the Tawke field, confirmed the production figures, reporting the same 82,081 barrels per day average for the first quarter. This is an increase of approximately 11% or 7,941 barrels compared to Q4 2024’s production level of 71,140 barrels per day. The selling price per barrel remained stable at around $35, consistent with the previous quarter.

ShaMaran Petroleum recorded total revenue of $35,885,000 in Q1 2025, significantly higher than the $22,588,000 reported in Q1 2024—an increase of $13,297,000 or 59%. Production from both Atrush and Sarsang fields averaged 65,200 barrels per day in Q1 2025, totaling 5,880,000 barrels for the quarter, compared to Q1 2024’s daily average of 57,400 barrels (5,162,000 barrels total). This represents a daily production increase of 7,800 barrels, or 13.6%.

Detailed Field Performance:

• Sarsang Field: Production declined by 20%, averaging 29,900 barrels per day in Q1 2025, down from 37,400 barrels per day in Q1 2024.
• Atrush Field: Production significantly increased by 76.5%, averaging 35,300 barrels per day in Q1 2025, compared to 20,000 barrels per day in the same period last year.

Despite the constraints, the first-quarter results suggest KRG’s oil sector is finding ways to maintain production levels and generate revenue through alternative sales channels, primarily serving the domestic market and exports via trucks.