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Genel receives additional $16 mln for Iraqi Kurdistan oil export
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Workers adjust a valve of an oil pipe in Tawke oil field near Duhok, Kurdistan region of Iraq. Photo: Reuters
LONDON,— Genel Energy, an oil producer in Iraqi Kurdistan, announced on Wednesday it has received a further payment from Iraq’s Kurdistan regional government KRG for the oil exported out of the country from its Tawke field.
Genel said in a statement that they alongside with its partner DNO ASA, as operator of the Tawke field, have received a payment of $16.3 million from the KRG for oil sales during April 2016.
The payment follows the receipt of [You must be registered and logged in to see this link.] as announced on 27 May 2016.
The payment completes settlement of the invoiced amount of $32.3 million for April 2016 Tawke oil sales, an amount that incorporates $27.1 million towards contractor monthly entitlement and $5.2 million towards recovery of historical receivables.
The payment will be shared pro-rata by DNO and Genel.
Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). 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.
Through its Miran and Bina Bawi gas fields, the Company is set to be a cornerstone provider of gas to Turkey under the KRI-Turkey Gas Sales Agreement.
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Posted on [You must be registered and logged in to see this link.] by [You must be registered and logged in to see this link.] in [You must be registered and logged in to see this link.]
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Workers adjust a valve of an oil pipe in Tawke oil field near Duhok, Kurdistan region of Iraq. Photo: Reuters
LONDON,— Genel Energy, an oil producer in Iraqi Kurdistan, announced on Wednesday it has received a further payment from Iraq’s Kurdistan regional government KRG for the oil exported out of the country from its Tawke field.
Genel said in a statement that they alongside with its partner DNO ASA, as operator of the Tawke field, have received a payment of $16.3 million from the KRG for oil sales during April 2016.
The payment follows the receipt of [You must be registered and logged in to see this link.] as announced on 27 May 2016.
The payment completes settlement of the invoiced amount of $32.3 million for April 2016 Tawke oil sales, an amount that incorporates $27.1 million towards contractor monthly entitlement and $5.2 million towards recovery of historical receivables.
The payment will be shared pro-rata by DNO and Genel.
Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL). 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.
Through its Miran and Bina Bawi gas fields, the Company is set to be a cornerstone provider of gas to Turkey under the KRI-Turkey Gas Sales Agreement.
[You must be registered and logged in to see this link.]
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