The payment for January exports is part of a gross sum of USD 16.3 million paid to its field partner, Norway’s DNO, plus an additional USD 3.2 million towards recovery of receivables. Given Genel’s 55% stake in the project, it received an initial USD 9 million, plus another USD 1.8 million. It is the fifth consecutive monthly payment from the government.
The back payment shows the government’s interest in clearing the large debt owed to foreign companies operating in the region.
The Ministry of Natural Resources announced on Monday that payment is now based on monthly production entitlement, inclusive of crude quality differences compared to Brent, minus the cost of handling and transportation. Since September, producers had been paid a fixed sum for monthly exports.
Genel is owed around USD 403 million by the regional government, more than any foreign hydrocarbons company.
For more news and features on the UK, click here.
Oslo-listed Shelf Drilling has secured a contract for the Shelf Drilling Fortress jack-up rig with an undisclosed North Sea operator… Read More
A 720-MW Australian solar farm is pioneering a model of agrivoltaics with livestock integration by playing host to more than… Read More
Malaysia’s Sapura Energy has been awarded a five-year contract from Thailand’s PTTEP to conduct Pan Malaysia subsea services for Petronas… Read More
QatarEnergy has struck a USD 6-billion deal with the China State Shipbuilding Corporation (CSSC) to build 18 of the largest… Read More
Chevron has signed a deal with NAMCOR to develop an offshore block in the Walvis Basin, the Namibian NOC was… Read More
This website uses cookies.