Genel Energy Receives US$24 Million for Kurdistan Oil Exports
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Genel Energy has confirmed receipt of payments of around US$24mln for crude oil exports from the Tawke and Taq Taq fields in the Kurdistan region of northern Iraq.
The payments comprise US$11.29mln gross for Tawke, and US$12.6mln for Taq Taq.
Genel said it will receive a pro-rata share of the money for 25 percent-owned Tawke, and it will get $6.9mln for its 44 percent interest in Taq Taq.
Further payments have also been made towards the recovery of arrears for past oil deliveries, with US$2.17mln paid for Tawke and US$2.5mln for Taq Taq.
Exports were impacted by a temporary shut-down of the export pipeline into Turkey, between February 17 and March 10.
Crude deliveries in February averaged 66,427 bopd for Tawke, down from 119,390 bopd in January, and Genel said that Taq Taq averaged 62,091 bopd.
Source: (March 22, 2016) Proactive Investors
About Genel Energy
Genel Energy plc is an Anglo-Turkish exploration and production company with world-class oil and gas assets. We own a portfolio of high-quality assets with robust growth options over the short, medium and long-term. An excellent capital base and a high-calibre board and management team underpin these assets. With these strengths, Genel Energy is building a leading E&P business, founded on a set of assets in the Kurdistan Region, that places us in the top tier of independent E&Ps.
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