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Kurdistan Regional Government (KRG) Pays Foreign Oil Companies for Oil Services

This incorporates USD18.8 million towards contractor monthly entitlement and USD3.7 million for previous sales made from the field

 

Kurdistan Regional Government (KRG) has paid Genel EnergyPLC $6.1US million for April sales of oil form the Taq Taq oil field in Kurdistan. For the month of April, KRG paid a total of $11.US million to Taq Taq partners which in part covered the invoice for $22.5US million owed. 

This is a sign the KRG has started to make a difference on the debt owed to companies and foreign oil producers for previous oil production and sales. $18.8US million towards contractor monthly entitledment and $3.7US million for previous sales made from the field have lessened the sum of the debt owed. Genel recently stated they expect KRG to fulfill the remainder of the April invoice soon. 

Sales from Taq Taq field averaged 67,405 barrels of oil per day at $41.48 US per barrel, disclosed Genel, adding that a discount of $5US per barrel was applied for transportation. The KRG and foreign oil producers came to an agreement regarding payments for services and it was agreed operators would receive payment from sales of oil that was exported through the Iraq-Turkey pipeline in Ceyhan which has reassured Gulf Keystone and Genel that payment for oil will become more regular and consistent. 

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