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.

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