Genel Energy confirms latest payment from Kurdish government

Genel Energy
Operations in Kurdistan

Genel Energy has confirmed that the Taq Taq field partners have recieved a $30million export payment from the Kurdistan Regional Government in Iraq for oil exported through the Kurdistan region of Iraq-Turkey pipeline.

This is the fourth export payment by the KRG since payments recommenced in September 2015. Genel’s share of the gross Taq Taq payment is $16.5 million.

Gulf Keystone, Genel Energy and DNO produce a combined 300,000 barrels a day. According to regulatory findings, the trio are owed $1.7billion for past exports.

The payments resumed after an eight month stall due to historic disagreements with Iraq’s central government about how the region should support its oil output.

Kurdistan is responsible for 22% of Iraq’s output, exporting 595,528 barrels a day last month.