Genel confirms fourth payment for Taq Taq

Kurdistan Region of Iraq

ERBIL, January 6, 2016 – Genel Energy has received the fourth instalment payment for production at Taq Taq, the Turkish upstream company announced Wednesday.

As a joint operator of the Taq Taq field in the Kurdistan Region of Iraq, Genel Energy received $30 million for crude oil exported by pipeline. The company’s share was reported to be $16.5 million.

Genel Energy and operators Gulf Keystone and DNO jointly produce 300,000 barrels a day and are owed a total of $1.7 billion for previous exports.

This move is part of the Kurdistan Regional Government’s regular payments, which began in September 2015, to oil producers operating in the area.

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