Kurdistan producers get paid for September

DNO and Genel Energy have reported receipt of USD54 million from the KRG for September crude sales from the Tawke licence - shared by DNO (USD40.7 million) and Genel (USD13.6 million) in line with the interests in the licence.

In addition, a payment of USD10.8 million has been received by Genel and DNO, representing 7.5% of gross Tawke licence revenues during October 2017, as provided for under the receivables settlement agreement.

Separately, the Taq Taq field partners have received a payment of $9.7m from the KRG for September oil sales - Genel's net share of the payment is USD5.3 million.

This is the first set of payments that has been made following Kurdistan’s independence election and the choking back of oil exports from the Kirkuk Area, which has limited the KRG’s cash flows. Although a positive, concerns will continue around the continuity of payments.