Norwegian oil company received $24 million from KRG

ERBIL, Kurdistan Region (Kurdistan24) – A Norwegian oil company on Saturday revealed that it had received USD $24 million from the Kurdistan Regional Government (KRG).

In a statement on its website, the Norwegian oil and gas operator DNO reported a receipt of $24.28 million from the KRG.

The imbursement was the second payment toward May’s crude oil deliveries to the export market from the Tawke field.

“With the receipt of $14 million earlier this week, the payment completes settlement of the total invoiced amount for May of $39.28 million,” the statement explained.

According to the report, the payment will be shared by DNO and their partner Genel Energy.

“Tawke production in May averaged 117,757 barrels of oil per day (bpd), of which 114,848 bpd were earmarked for export,” the statement read.

Takwe oil field, nearly 594 square kilometers, is located in Zakho, Duhok province, and is run jointly by the DNO and Genel Energy.

According to the KRG’s Ministry of Natural Resources (MNR) report for June, they exported 14,997,250 barrels of crude oil, an average of 567,068 bpd.

Additionally, the KRG’s revenues from the oil sale through the Kurdistan pipeline network to the port of Ceyhan in Turkey was $561 million.

Out of the $561 million payments, the KRG allocated $81 million to main producers according to their PSC entitlements.

$97 million was used to pay down past prepayments, and $30 million to minor producers and Kirkuk petrodollar, the MNR report revealed.

“Net cash balance retained by the KRG for June oil sales is $382,669,572 and $127 million given to the KRG as new advance payments against the future lifting of crude oil,” the report added. “Total net income received by the KRG in this month is $479,360,041.”

Editing by Karzan Sulaivany