KRG pays Genel $30 million

ERBIL, September 8, 2015 – Authorities from the Kurdistan Regional Government (KRG) have made a payment of $30 million to UK-Turkish operator Genel Energy, the company announced in a Tuesday press release. The payment covers export costs along the Turkey-Kurdistan Region of Iraq pipeline to the port of Ceyhan.

The gas was produced at the Taq Taq field in northern Iraq. Genel’s cut is $16.5 million, and the rest will be shared between its field partners.

This follows Monday’s announcement from the KRG that it would free up $75 million to pay its western oil operators. Genel Energy, along with Saudi producer Gulf Petroleum and Middle East-focused oil company DNO, had been waiting for payment for months. The KRG paid $30 million to Gulf on Monday.

“This payment is confirmation of the KRG’s commitment, reiterated twice in August, to pay contractors for oil exports, and we look forward to the normalisation of oil export payments in coming months,” Genel CEO Murat Ozgul said in the press release. “Regular payments would allow us to plan for continued investment in our Kurdistan Region of Iraq oil and gas assets, which have the potential to create significant further value for the [region].”

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