Genel Energy has announced the receipt of payments from the Kurdistan Regional Government for oil sales during September from the Tawke and Taq Taq PSCs. It said DNO ASA, as operator of the Tawke PSC, had announced the receipt of $54.32 million from the KRG as payment towards September crude oil deliveries to the export market from the Tawke licence.
Genel's net share of the payment is $13.58 million. Genel said the Taq Taq field partners had received a gross payment of $9.70 million from the KRG for oil sales during September.
Genel's net share of the payment is $5.33 million. Genel has also received an override payment of $6.55 million from the KRG, representing 4.5% of Tawke gross field revenues for the month of October, under the terms of the Receivable Settlement Agreement. Combined, Genel's December 2017 net receipts total $25.46 million.