Middle East

Genel lands Tawke field payment from Kurdistan government

Iraq news

Genel Energy has confirmed that Tawke field partners have received a payment of $15million from the Kurdistan Regional Government for oil sales during May 2016.

The payment reflects part settlement of the invoiced amount of $39.28 million for May 2016 Tawke oil sales. This figure incorporates $32.95 million towards contractor monthly entitlement and $6.34 million towards recovery of historical receivables.

The payment will be shared pro-rata by operator DNO and Genel.

Tawke production in May averaged 117,757 barrels of oil per day (bopd), of which 114,848 bopd were earmarked for export.

Read the latest opinion pieces from our Energy Voice columnists