Genel Energy has been given a $30million payment from the Kurdistan Regional Government (KRG) for oil exported through the Iraq-Turkey pipeline.
The company, which is headed by former BP chief executive officer Tony Hayward, said the Taq Taq field partners had received the initial award, which it described as an important “first step”.
It followed months of delays which were prompted partly by Islamic State incursions into the region.
The Tawke field partners will also receive a $30million payment, with Genel’s net share of these rewards totalling $24million.
A spokesman said payments were expected to become more regular once the KRG reached “budget equilibrium” in early 2015.
Oil exports from the pipeline continue to grow and exceed 350,000 barrels of oil per day.
The opening of the pipeline in May has allowed the autonomous region to increase oil exports through Turkey, bypassing the Iraqi export network.