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Kurdistan oil firms confirm latest payments for crude sales

Political uncertainty has been the main topic of discussion for investors lately, nonetheless Friday's announcements show that cash continues to flow for the region's oil producers.
oil barrels in stack
GKP, Genel and DNO got paid for crude

Kurdistan based oil producers today confirmed they had received another batch of payments for crude sales from the troubled region of Northern Iraq.

Gulf Keystone Petroleum Limited (LON:GKP) told investors it has received a US$15mln gross payment from the Kurdistan Regional Government (KRG) for crude produced at the Shaikan field and sold in July.

Genel Energy PLC (LON:GENL) said it had banked US$16.86mln, its net share of August’s payment for sales from the Tawke and Taq Taq fields.

The company previously agreed new ‘overide’ arrangements for its oil sales and it also noted that it received US$6.41mln earlier this week representing a portion of September sales, and consequently it reported some US$23.27mln of net receipts in November.

Elsewhere, Norway headquartered DNO, which operates Tawke, separately announced it had received US$46.53mln from the KRG as payment for August’s sales (including the US$11.63mln share paid to Genel).

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Gulf Keystone Petroleum Limited Timeline

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