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Genel Energy confirm receipt of payment for KRI oil exports

Genel’s share of the gross Taq Taq payment is $16.5 million

Genel Energy plc (‘Genel’) is pleased to announce that the Taq Taq field partners have received a gross payment of $30 million from the Kurdistan Regional Government for oil exported through the Kurdistan Region of Iraq-Turkey pipeline. Genel’s share of the gross Taq Taq payment is $16.5 million.

Genel also notes the announcement on 3 December 2015 from DNO ASA, as operator of the Tawke field, that the Tawke field partners have received a gross payment of $30 million for oil exported through the Kurdistan Region of Iraq-Turkey pipeline.

Together, these represent the third monthly export payments made to contractors in 2015. 

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