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.