Gulf Keystone Receives Monthly Oil Payment from Iraqi Kurdistan

Reuters

LONDON, Dec 2 (Reuters) – Gulf Keystone Petroleum said on Wednesday it had received a gross payment of $15 million from the Kurdistan Regional Government (KRG) for oil exports, marking the third consecutive month of regular payments.

The company, which was owed $298.4 million in arrears at the end of September, said the payment had improved its cash position to $54.6 million.

The payment is equal to amounts the company received in September and October, showing the KRG was delivering on a pledge made in September to start regular oil export payments.

London-listed Genel Energy, another foreign oil producer in the region, said it would make an announcement when it receives a payment.

Norway's DNO, also an oil producer in Iraqi Kurdistan, was not available for immediate comment.

The KRG has increased its own crude sales since mid-June, cutting allocations to Iraq's state oil marketing firm SOMO in an ongoing tug-of-war over export rights and budget payments.

The dispute has plunged the region into financial crisis compounded by the drop in oil prices.

The KRG said on Tuesday it was considering cutting energy subsidies to reduce spending.

(Reporting by Karolin Schaps; additional reporting by Stine Jacobsen in Oslo; editing by Jason Neely)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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