1st Jun 2016 06:45
LONDON (Alliance News) - Iraqi oil producer Genel Energy PLC Wednesday said it has received a further payment from the Kurdistan regional government of Iraq for the oil exported out of the country from its Tawke field.
Genel is the operator of the field alongside its partner DNO ASA, which together have received a USD16.3 million payment for the oil sold from Tawke during April and follows on from a USD16.0 million payment secured toward the end of May.
The latest payment settles the total invoice for the oil sales from Tawke during April totalling USD32.3 million, of which USD5.2 million covers historic payments for oil that has been previously sold from the field.
The Kurdistan regional government is currently paying foreign oil producers in the area the large amounts owed for oil sales in the past and for ongoing oil sales. Genel and DNO ASA will share the payments on a pro-rata basis, with Genel owning a 25% stake in the field.
By Joshua Warner; [email protected]; @JoshAlliance
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