Posted on November 2, 2016 by Editorial Staff in Oil & Gas
An Iraqi oil worker. Photo: Reuters
LONDON,— Genel Energy plc (‘Genel’) and the Norwegian oil and gas operator DNO ASA, as operator of the Tawke field, confirmed in a statement on Wednesday that the Tawke field partners have received a payment of $31.33 million from the Kurdistan Regional Government for oil sales during August 2016.
The funds, to be shared pro-rata by DNO and partner Genel Energy plc, include USD 26.27 million toward the monthly entitlement for August deliveries and USD 5.05 million toward the recovery of outstanding receivables for past deliveries.
Tawke production in August averaged 96,709 bopd, of which 96,528 bopd was delivered for export through Turkey. This was down from July production levels of 117,992 bopd due to pipeline closures in Turkey and scheduled field facilities maintenance.
Tawke production during the third quarter averaged 109,159 bopd, of which 108,759 bopd was delivered for export through Turkey.
Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange. The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq.
DNO ASA is a Norwegian oil and gas operator focused on the Middle East and North Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Yemen, Oman, the United Arab Emirates, Tunisia and Somaliland.
(With files from genelenergy.com | dno.no)