Genel Energy has received $13million from the Kurdistan Regional Government as its share of March oil payments from the Taq Taq field in Northern Iraq.
The field partners shared $19.88million from sales into the local market and deliveries to the Bazian refinery during March 2016, invoiced at the wellhead export netback price, in line with the payment mechanism announced by the KRG in February.
An additional $3.91 million payment ($2.15 million net to Genel) has been made towards recovery of the considerable sum the KRG owes to oil producers for past oil production and sales.
In total, Genel received $13.08 million for the Taq Taq field for the month of March. Gross oil sales from the Taq Taq field in March 2016 averaged 75,300 bopd.
Genel is owed close to $400million from the regional government.