Gulf Keystone Petroleum Ltd made payments worth $112.5 million to the Ministry of Natural Resources of the Kurdistan Regional Government in the year ended December 31, 2015, the oil and gas exploration and production company revealed Monday.
All of the payments were made in relation to the Shaikan Production Sharing Contract in the Kurdistan Region of Iraq. The MNR’s production entitlement in-kind was 4.2 million barrels, which equated to $89 million. Royalties in-kind amounted to 1.1 million barrels, or around $23.5 million.
The announcement was made as required under the Disclosure and Transparency Rules of the UK Financial Conduct Authority and in accordance with the company’s interpretation of the draft Industry Guidance issued for the UK's Report on Payments to Government Regulations 2014, as amended in December 2015.
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