The Kurdistan Regional Government (KRG) has paid out for the Shaikan crude oil experts.
Gulf Keystone today confirmed it has been paid $15million.
Gulf Keystone and the KRG’s Ministry of Natural Resources (MNR) continue to work towards agreeing the final form of the invoices for May to October 2016.
The payment leaves Gulf Keystone with a cash position of $106.1million.
The Shaikan field has a current production capacity of 40,000 barrels of oil per day. The discovery was first made in 2009. The block is situated about 85 km to the north-west of Erbil covering an area of 283 km².
Shaikan is being developed in phases and future targets aim to see production levels increase to 110,000bopd as the FDP is implemented.
Gulf’s crude oil is trucked a distance of some 120 km to Fishkhabour on the Turkish border for injection into the international export pipeline, which runs to the port of Ceyhan on the Turkish coast.
Genel Energy and DNO, which operates the Tawke field, received a payment of $38.9million.
The payment will be shared pro-rata by DNO and Genel.
Tawke production in October 2016 averaged 108,122 bopd, of which 107,450 bopd was delivered for export through Turkey.
In 2016, Tawke production averaged 107,299 bopd, of which 105,536 bopd was delivered for export.
Tawke production during January to date has averaged 113,876 bopd.