Norwegian oil firm DNO says talks are ongoing with the Kurdistan Regional Government over the allocation of export revenues.
It comes after the semi-autonomous region recently promised oil companies it would start monthly payments to producers from September onwards.
DNO, operator of the Tawke field, is one of the region’s main producers and today it revealed that the field set new records with output averaging 153,346 barrels of oil per day during the second quarter.
The majority of the crude, 118,037 bopd or about 77%, was delivered for export to the KRG’s pipeline through Turkey, whereas another 31,378 bopd was sold locally.
Revenue increased to US$55mln in the second quarter, from US$26mln in the three months before.
Payment schedules and outstanding payments of cash for past sales remains the key issue for investors.
DNO revealed that the amount of money it is now due - it receivables - for Tawke crude had by the end of the second quarter approached US$1bn; comprising US$829mln of unbooked revenue for export sales, and US$118mln of booked revenue for local and refined product sales.
Bijan Mossavar-Rahmani, executive chairman, said: "We welcome regular export payments which are necessary to sustain our operations in Kurdistan.
"Without such payments, we will not be in a position to make further investments," he added, "and without further investments, production from the Tawke field will decline."
DNO said its quarterly net loss reduced to US$40mln, versus US$61mln in the preceding three month period.
London listed Genel Energy (LON:GENL) has a 25% stake in the Tawke field, and it is also partnered with DNO in another field, Taq Taq, where Genel owns 44%.