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Genel Energy receives payment for KRI oil exports

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Oilfield Technology,

Genel Energy has announced that the Taq Taq field partners have received a gross payment of US$19.88 million from the Kurdistan Regional Government (KRG) for oil sales during March 2016. Genel Energy’s share of the gross Taq Taq payment is US$10.93 million.

Sales into the local market and deliveries to the Bazian refinery during March 2016 were invoiced at the wellhead export netback price, in line with the payment mechanism announced by the KRG on 1 February 2016.

An additional US$3.91 million payment has been made towards recovery of the receivable. In total, Genel received US$13.08 million for the Taq Taq field for March.

Gross oil sales from the Taq Taq field in March 2016 averaged 75 300 bpd.

Edited from press release by

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