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Genel says receives Iraqi Kurdistan oil export payment

Published 2016-02-05, 03:41 a/m
Genel says receives Iraqi Kurdistan oil export payment
GENL
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LONDON, Feb 5 (Reuters) - Genel Energy GENL.L , one of the
foreign oil companies active in the Kurdistan region of Iraq,
said on Friday the partners operating the Taq Taq field had
received a $16.3 million oil export payment from the Kurdistan
Regional Government (KRG).
The transaction is part of the KRG's strategy announced
earlier this week to start paying oil companies according to the
terms of their contracts, instead of ad hoc payments it had been
making since last September.
Genel said it and its partner Addax Petroleum SASAAP.UL
had also received a $3.2 million payment covering five percent
of the gross monthly netback revenue of their field, an
additional commitment made by the KRG in its new payment
strategy.
Genel said its entitlements for oil exported from the Taq
Taq field and netback revenue amounted to $10.8 million in
January.
Since last June, the Kurds have ramped up independent oil
sales to more than 600,000 barrels per day (bpd), but with a
bloated public payroll and depressed prices, the region is
running a deficit of $380-400 million per month.
The KRG still owed oil companies billions of dollars for oil
exports.

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