Gulf Keystone Receives Monthly Oil Payment from Iraqi Kurdistan
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)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds