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Genel Receives $24US Million from Kurdistan Regional Government for Past Due Oil Export Payment

Genel has confirmed receipt of payments of around US$24mln for crude oil exports from the Tawke and Taq Taq fields in the Kurdistan region of northern Iraq.

Genel will finally receive another much overdue payment from the Kurdistan Regional Government (KRG) for oil exports The $24US million payment received by Genel is for $11.29US million for Tawke oil field and $12.6US million for Taq Taq; from this Genel will receive a pro-rata share of the funds for the 25% they own in Tawke and the 44% interest in Taq Taq, which comes to $6.9US million.  

There will be further future payments in the amount of $2.7US million for Tawke oil field and $2.5US for Taq Taq. 

Past problems with KRG and Genel were largely due to the temporary closure of their export pipeline between Iraqi Kurdistan and Turkey for several weeks in late February and mid-March. In February, 66,427 bpd were pumped at Tawke oil field, which is 119,390 less than in January; Taq Taq averaged 62,091. 

 

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