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Genel Energy: Receipt of payment for KRI oil exports from Taq Taq field

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Oilfield Technology,

The Taq Taq field partners have received a gross payment of US$12.24 million from the Kurdistan Regional Government for oil sales during May 2017.

Genel’s net share of the payment is $6.73 million.

The payment reflects full settlement of the invoiced amount for May 2017 oil sales, and incorporates US$11.06 million towards contractor monthly entitlement and US$1.18 million towards recovery of historical receivables.

Gross oil sales from the Taq Taq field in May 2017 averaged 16 817 bpd, including both exports and Bazian refinery deliveries.

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