Kurdistan pays $37M to Norwegian DNO for July oil delivery

ERBIL, Kurdistan Region (Kurdistan24) – Norwegian oil and gas operator DNO reported on Monday they had received USD $37.4 million from the Kurdistan Regional Government (KRG) for Kurdistan’s July oil delivery to the export market.

In a statement, DNO reported the receipt of the mentioned amount from the KRG for the crude oil the company had delivered to the export market from Tawke oil field.

“The funds, to be shared pro-rata by DNO and partner Genel Energy plc, include USD $31.37 million toward the monthly entitlement for July deliveries and USD $6.03 million toward the recovery of outstanding receivables for past deliveries,” DNO stated.

Tawke is one of the Kurdistan Region oil fields located in the northwest of Duhok Province, near the Turkish and Syrian borders.

The company also noted the Tawke production in July averaged 117,992 barrels of oil per day (bpd), “of which 117,579 bpd were earmarked for export.”

“[The amount] was up from June production levels of 114,384 bpd, of which 113,601 bpd were earmarked for export,” the report continued.

According to the DNO statement, an outstanding amount of $8.41 million is due from the KRG for Tawke’s June deliveries to the export market.

“The total invoiced amount for June is USD $38.41 million, for which a partial payment of USD $30 million was received on Aug. 8, 2016,” read the statement.

The KRG exports its oil abroad through Ceyhan port in Turkey.

Moreover, the Region exports a total 411,727 bpd to Turkey, according to the August oil export report released by the KRG’s Ministry of Natural Resources.

Editing by Karzan Sulaivany