Genel Energy (LON:GENL) has received a gross payment of US16.5mln from the Kurdistan Regional Government (KRG) for oil exported through the Kurdistan Region of Iraq ('KRI') - Turkey pipeline.
The payment was part of US$30mln for the partners in the Taq Taq field in Kurdistan.
Murat Özgül, Genel’s chief executive, said: "This payment is confirmation of the KRG's commitment, reiterated twice in August, to pay contractors for oil exports, and we look forward to the normalisation of oil export payments in coming months.
“Regular payments would allow us to plan for continued investment in our KRI oil and gas assets, which have the potential to create significant further value for the Kurdistan Region of Iraq."
Gulf Keystone Petroleum (LON:GKP) yesterday reported it had received a payment of US$15mln from the KRG for oil produced at the Shaiken field.