International oil companies receive October payment from KRG

ERBIL, Kurdistan Region (Kurdistan24) – International oil companies operating in the Kurdistan Region on Monday confirmed they had received their payment from the Kurdistan Regional Government (KRG).

Genel Energy plc, DNO ASA, and Gulf Keystone reported the receipt of USD $53 million from the KRG for crude oil the companies had delivered to the export market in the previous year.

In an announcement on Twitter, Genel Energy plc and DNO ASA announced the Tawke oil field partners had received USD $38.89 million from the KRG as payment for crude oil deliveries to the export market in October 2016.

Tawke production in October averaged 108,122 barrels of oil per day (bopd), of which 107,450 bopd were delivered for export through Turkey, Genel Energy reported on Twitter.

The company also revealed January’s oil production at the Tawke field had averaged 113,876 bopd, as per Jan. 23.

“The funds, to be shared pro-rata by DNO and partner Genel Energy plc, include USD $32.62 million toward the monthly entitlement for July deliveries and USD $6.27 million toward the recovery of outstanding receivables for past deliveries,” Genel stated.

Additionally, Gulf Keystone Petroleum Ltd revealed on its website the KRG’s delivery of “a gross payment of $15 million for Shaikan crude oil export sales in October 2016.”

According to a Gulf Keystone spokesperson, “Gulf Keystone and the KRG’s Ministry of Natural Resources continue to work towards agreeing on the final form of the invoices for May to October 2016.”

The KRG has been independently exporting its oil abroad through Ceyhan port in Turkey since its 17 percent of the Iraqi national budget share was cut in early 2014.

Editing by Karzan Sulaivany