Middle East

Genel receives another $6million from Kurdistan

Crescent Petroleum sees $11billion Kurdistan claim resolved this year

Genel Energy said the Taq Taq field partners have received a payment of $11.45 million from the Kurdistan Regional Government for oil sales during April 2016.

The payment follows the receipt of $11 million as announced on 26 May 2016.

The payment completes settlement of the invoiced amount of $22.45 million for April 2016 Taq Taq oil sales, Genel said. The amount incorporates $18.76 million towards contractor monthly entitlement and $3.69 million towards recovery of historical receivables.

Genel’s net share is $6.3 million, with Genel’s total net share for April 2016 Taq Taq oil sales being $12.35 million.

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