DNO Receives Partial Payment from KRG for Oil Exports
Norwegian oil and gas operator, DNO ASA, has confirmed receipt of $30 million by the Kurdistan Regional Government as a partial payment towards oil exported from the Tawke field.
The payment, which is the company’s third in 2015, will be shared pro-rata with DNO’s partner, Genel Energy plc. Another international oil producing company working in Kurdistan, Gulf Keystone Petroleum, announced Dec. 2 that it had received a gross payment of $15 million from the KRG for oil exports.
DNO, Genel and Gulf Keystone’s combined capital expenditure (CAPEX) in Kurdistan has fallen considerably as a result of the Kurdistan Regional Government’s lack of payments to producing international oil companies. The total CAPEX of all three companies in Kurdistan in the first half of the year fell to below $200 million from $800 million for the full year in 2014.
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