Genel reports receipt of Iraqi Kurdistan oil export payment
Published by Louise Mulhall,
Editorial Assistant
Oilfield Technology,
Genel Energy plc (‘Genel’) has announced that the Taq Taq field partners have received a gross payment of US$16.3 million from the Kurdistan Regional Government (‘KRG’) for oil exported through the Kurdistan Region of Iraq-Turkey pipeline.
Genel’s share of the gross Taq Taq payment is US$9 million. As the Ministry of Natural Resources announced on 1 February 2016, the payment is based on the monthly production entitlement, inclusive of crude quality differentials compared to Brent and the deduction of applicable transportation charges and handling costs.
Payments will be subject to full reconciliation with the terms of the production sharing contract in due course.
An additional US$3.2 million payment (US$1.8 million net to Genel), equivalent to 5% of the gross monthly netback revenue of the field, has been made towards the recovery of the receivable.
The KRG has stated that payments will be increased as oil prices rebound.
In total, Genel received US$10.8 million for the Taq Taq field for the month of January.
For more information please visit : http://www.genelenergy.com/
Adapted from a press release by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/08022016/genel-reports-receipt-of-iraqi-kurdistan-oil-export-payment/
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