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Genel Energy details US$50mn gross oil payments from Kurdistan

The payments cover crude sales for the month of July

oil barrels in stack
Taq Taq sales averaged 14,873 barrels of oil per day in July

Genel Energy PLC (LON:GENL) has detailed gross oil payments of around US$50mln from the Kurdistan authorities.

The oil producer, in two separate statements, noted that some US$39.50mln had been paid for production from the Tawke field and US$10.39mln had been received for the Taq Taq field.

READ: No end to political uncertainty for Genel and GKP as Kurdistan holds Iraq referendum

Both payments cover crude sales for the month of July.

Genel said the Tawke payment will be distributed pro-rata between the partners (it owns 25% of the field), meanwhile, it specifically stated that its share of the Taq Taq cash amounted to US$5.71mln.

It added that Taq Taq sales averaged 14,873 barrels of oil per day in the month of July, but, a comparative figure was not given for Tawke.

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