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Receipt of Payment for KRI Oil Exports from Taq Taq Field

Source: www.gulfoilandgas.com 2/5/2016, Location: Middle East

Genel Energy plc announced that the Taq Taq field partners have received a gross payment of $16.3 million from the Kurdistan Regional Government (‘KRG’) for oil exported through the Kurdistan Region of Iraq-Turkey pipeline. Genel’s share of the gross Taq Taq payment is $9 million.

As the Ministry of Natural Resources announced on 1 February 2016, the payment is based on the monthly production entitlement, inclusive of crude quality differentials compared to Brent and the deduction of applicable transportation charges and handling costs.

Payments will be subject to full reconciliation with the terms of the production sharing contract in due course.

An additional $3.2 million payment ($1.8 million net to Genel), equivalent to five percent of the gross monthly netback revenue of the field, has been made towards the recovery of the receivable.

The KRG has stated that payments will be increased as oil prices rebound. In total, Genel received $10.8 million for the Taq Taq field for the month of January.

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