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ShaMaran announces payment for Atrush oil deliveries

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Oilfield Technology,

ShaMaran Petroleum Corp. reports that TAQA Atrush BV, operator of the Atrush Block, has received US$16.2 million on behalf of the Atrush co-venturers from the Kurdistan Regional Government (KRG) as payment for November 2017 crude oil deliveries from the Atrush license to the export market. These funds will be shared between the Atrush co-venturers according to the terms of the agreements.

The company also reports that a new agreement for the sale of Atrush oil has been executed between the Atrush co-venturers and the KRG. The new agreement replaces the previous agreement between the same parties and includes a downward adjustment to US$15.73/bbl from the previously agreed discount of US$16.04/bbl to reflect higher actual oil quality delivered from Atrush.

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