x Abu Dhabi, UAESaturday 25 November 2017

Kurdistan-based oil firms continue to receive payments for crude sales

The latest batch of payments come despite the ongoing political uncertainty in the region

Gulf Keystone's operations in Kurdistan, Iraq
Gulf Keystone's operations in Kurdistan, Iraq

Kurdistan-based oil firms confirmed on Friday that they have received another batch of payments for crude sales from the region, despite ongoing political uncertainty.

Norwegian oil and gas firm DNO, controlled by RAK Petroleum, told investors that it had received US$46.53 million from the Kurdistan Regional Government as payment for August’s crude oil deliveries to the export market from the Tawke license.

The Oslo-listed company, which operates and has a 75 per cent interest in the Tawke license, said it had also received a payment of US$4.27 million from the KRG, representing 3 per cent of gross Tawke license revenues during September 2017.

Separately, Genel Energy announced that it had been paid a net sum of US$16.86 million by the KRG for sales from the Tawke and Taq Taq fields.

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“Combined with the payment for the September override received earlier this week, this brings the total November 2017 net receipts to US$23.27 million,” the company declared.

Finally, Gulf Keystone Petroleum announced today that it has received a gross payment of US$15 million from the KRG for crude produced at the Shaikan field in July.

The payments follow rising political uncertainty in the region following a disputed independence referendum in Iraqi Kurdistan.

Results showed that 92.73 per cent of voters backed statehood in September’s referendum, which sparked international concern and angered Baghdad and its neighbours.

The central government rejected the results of the referendum and subsequently sent troops to capture oil-rich Kirkuk from Kurdish forces.