Proactive Investors - Run By Investors For Investors

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).

View full GKP profile View Profile

Gulf Keystone Petroleum Limited Timeline

Related Articles

Offshore oil operations, North Sea
October 09 2017
Statoil sees between 25mln and 130mln barrels of oil in the new discovery which was unearthed in the side-track to the previously unsuccessful Verbier exploration well.
onshore drilling operation
October 23 2017
The hotly anticipated Opuama-7 well appears to have been a success and the company is now advancing plans to drill more new wells at the Opuama field
oil and gas operations
January 24 2018
“The increase in production levels is due to successful work-overs and the implementation of production optimisation programs,” Cadogan said

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use