Genel Energy (LON:GENL) has confirmed it has received a fourth payment for crude oil produced from the Taq Taq field, in the Kurdistan region of northern Iraq.
It told investors that US$30mln was received from the Kurdistan Regional Government for the crude, which was exported by pipeline.
The company’s share of the oil payment is US$16.5mln, Genel said.
Today’s payment reflects an apparent improvement and a regularity of payments, as it is the fourth since the KRG’s pledge to oil companies last summer. Regular monthly payments began in September.
The KRG also told oil companies last year that it intended to increase the amounts paid during 2016 in order to begin repayment of arrears for past crude exports.