DNO, Genel Energy, Gulf Keystone Confirm KRG Payments

DNO ASA, Genel Energy and Gulf Keystone Petroleum all confirmed Tuesday that they had received payment from the Kurdistan Regional Government for oil exported from the Kurdistan Region of Iraq.

The KRG sent a payment of $13.46 million to DNO and Genel, of which $11.29 million was for February crude oil deliveries from the Tawke field. The remaining $2.17 million gross payment was for the recovery of outstanding entitlements for past deliveries. This latest payment follows DNO’s announcement in January that it had received $30 million as partial payment towards oil exported from the Tawke field, which was shared pro-rata with its Tawke license partner Genel.

Tawke deliveries for export in February 2016 averaged 66,427 barrels of oil per day, down from a January 2016 average of 119,390 bopd, due to an extended closure of the Turkish segment of the export pipeline during the second half of the month. Tawke deliveries to the local market in February averaged 6,697 bopd, up from 1,370 bopd a month earlier.

In a separate statement, Genel Energy plc revealed that the Taq Taq field partners had also received a gross payment of $12.6 million from the KRG for oil sales during February 2016. Genel’s share of the gross Taq Taq payment is $6.9 million.

Gross oil sales from the Taq Taq field in February 2016 averaged 62,091 bopd. Production and sales during the month were impacted by the shut in of the KRI-Turkey export pipeline between Feb. 17 and March 10. Flows into the export pipeline from the Taq Taq field resumed on 11 March 2016.

Gulf Keystone Petroleum reported Tuesday that a gross payment of $7.5 million had been received from the KRG for Shaikan crude oil exports in February 2016. This gross payment comprises the company's monthly contractual revenue entitlement under the Shaikan Production Sharing Contract for crude oil exports in February 2016 of $3.4 million gross ($2.7 million net to Gulf Keystone), $0.4 million gross ($0.3 million net) towards the recovery of outstanding entitlements for past deliveries and $3.7 million net towards the recovery of the past costs associated with the Shaikan Government Participation Option.

Back in January, Gulf stated that it had received a gross payment of $15 million for crude oil export sales from the Shaikan field. The February payment was lower due to the temporary closure of the Kirkuk-Ceyhan export pipeline from Feb. 16 to March 11. Following the payment, Gulf’s current cash position is $57.2 million.


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