Genel Energy has received its fifth consecutive monthly payment for the oil its exports out of the country from the Taq Taq field in the Kurdistan region of Iraq, as well as a backpayment for oil that was previously exported.
The Kurdistan regional government has made a total payment to Genel and its partner on the field of $16.3 million for the oil exported out of the country via the Iraq-Turkey pipeline during January, with Genel receiving a $9 of that.
An additional payment of $3.2 million has been made to the joint venture, of which Genel’s share is $1.8 million, for backpayments owed to the joint venture for oil that has been previously exported.
The backpayment signals the government’s intention to begin clearing the large amounts owed to foreign companies operating in the region.
Genel is owed around $403million by Kurdistan’s regional government – more than any other foreign company operating in the region, including fellow producer Gulf Keystone Petroleum.
Gulf Keystone had previously said the regional government planned to begin clearing the debt owed to foreign companies during 2016, and Genel said the government will increase the backpayments being made as oil prices rebound.