15th Oct 2015 06:44
LONDON (Alliance News) - Iraqi oil producer Gulf Keystone Petroleum Ltd on Thursday said it has received a USD12.0 million payment from the regional government of Kurdistan for its Shaikan crude exports.
The USD15.0 million payment, USD12.0 million net to Gulf, follows on from a similar payment in September, showing that the government is sticking to its plans of making regular payments to the exporting international oil companies in the region following lengthy payment delays earlier in 2015.
In February, Gulf Keystone said it had temporarily suspended exporting its crude oil from the Shaikan project until it could agree a more "stable payment cycle" with the Kurdistan regional government, as it continued to try to recover money owed to the company, but production resumed in March after it secured a USD20.8 million prepayment for its crude.
Following the October payment, Gulf Keystone has a cash balance of USD76.2 million and said it is in the process of making interest payments of USD26.4 million "in line with its existing debt repayment obligations," it said.
In September, the company said production from the Shaikan field in the Kurdistan region of Iraq had surpassed 15.0 million barrels, with daily production from the field standing at 40,000 barrels of oil gross.
By Joshua Warner; [email protected]; @JoshAlliance
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