Gulf Keystone Receives another Payment for Kurdistan Crude Exports

Iraqi Kurdistan-focused independent producer Gulf Keystone Petroleum reported Thursday that it has received a payment of $15 million for crude oil exports from its Shaikan onshore oilfield from the Kurdistan Regional Government.

The payment follows a similar payment made last month. Gulf Keystone it confirms statements made in the summer by the KRG that it would be making regular payments to exporting international oil companies in the region.

Following the payment Gulf Keystone's cash position is $76.2 million, which the firm said was in line with its existing debt payment obligations.

Oil sector analysts at London-based investment bank FirstEnergy commented that while this is positive news for Gulf Keystone and other Kurdistan-focused operators, such as Genel Energy, "the latest political developments in the region are raising some concerns".



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