Oil and gas explorer Gulf Keystone Petroleum Ltd said on Wednesday the Kurdistan regional government paid US$15 million for crude oil exports in March from the Shaikan field it operates.
This payment, of which USD12 million is net to Gulf Keystone, is in line with the amount Gulf Keystone receives every month by the Kurdistan's Ministry of Natural Resources for the crude oil extracted from the Shaikan field located in Iraq.
Since February, the ministry started exporting this oil to Turkey by trucks, instead of using the Kirkuk-Ceyhan export pipeline. This is in order to control its overall crude oil export quality management, according to the ministry, and this measure is expected to be temporary.
The Kurdistan government takes full responsibility for the additional transport costs.
Shares in Gulf Keystone were up 1.6% at 101.00 pence on Wednesday.