International oil companies receive oil-sale payments from KRG

Genel Energy and Gulf Keystone Petroleum confirmed receipt of KRG payments.

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

Genel Energy plc. announced on Monday that they had received payment for oil exports from the Taq Taq field in Erbil province.

The statement added that partners operating in the Taq Taq field had received a gross payment of USD $15.24 million from the Kurdistan Regional Government (KRG) for March 2017 oil sales.

“Genel Energy’s net share of the payment is $8.38 million,” the statement read.

The statement added that the payment "reflects the full settlement of invoiced amounts for March oil sales, and incorporates USD $13.76 million USD towards the contractors' monthly entitlements and USD $1.48 million towards the recovery of historical receivables.”

Gross oil sales from the Taq Taq field in March 2017 averaged 20,417 BOPD, including both exports and deliveries from the Bazian Refinery, the Genel Energy statement concluded.

On June 8, Gulf Keystone Petroleum (GKP) disclosed payments for the Shaikan crude export sales from February 2017, stating that the KRG’s Ministry of Natural Resources paid a gross amount of USD $12.0 million.


Editing by G.H. Renaud