Norwegian oil company receives $30m payment from Kurdistan
ERBIL, Kurdistan Region (Kurdistan24) – A Norwegian operator for oil and gas announced on Monday that they had received USD $30 million from the Kurdistan Regional Government (KRG) as payment for delivering crude oil to markets in June.
DNO, a Norwegian oil company, stated that after delivering the Kurdistan Region oil to export markets, they had received their payment for June 2016.
The oil company reported, “the receipt of $30 million from the [KRG] as partial payment to DNO and partner Genel Energy plc for June crude oil deliveries to the export markets from the Tawke field.”
“The total invoiced amount for June is $38.41 million, of which $32.21 million comprises the monthly entitlement and $6.19 million is towards the recovery of outstanding receivables for past deliveries,” read the DNO statement.
According to DNO, Tawke production in June averaged 114,384 barrels of oil per day (bpd), and 113,601 bpd were earmarked for export.
DNO is a Norwegian oil and gas operator that runs in the Middle East and North Africa. The company was founded in 1971 and was listed on the Oslo Stock Exchange.
The oil company holds stakes in onshore and offshore licenses at various stages of exploration, development, and production in Kurdistan, Yemen, Oman, the United Arab Emirates, Tunisia, and Somaliland.
Moreover, Turkish Genel Energy plc also confirmed the receipt of payment by DNO.
“The payments will be shared pro-rata by DNO and Genel,” according to Genel Energy.
Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). The headquarters is based in London, and they have offices in Ankara and Erbil.
Recently, the KRG’s Ministry of Natural Resources released the monthly oil production and export revenue report for July.
According to the report, the KRG exported 14,176,761 barrels of crude oil in total during July, an average of 457,314 barrels a day.
The report added that the KRG revenue from the oil sale via the Kurdistan pipeline network to the port of Ceyhan in Turkey was $461 million compared to $561 million from the oil exports in June.
Editing by Karzan Sulaivany