Kurdistan oil producer Genel Energy (GENL) has announced a payment from the local regional government for exports of its crude.
Genel notes the announcement from DNO ASA, as operator of the Tawke PSC, that the Tawke partners have received $53.71m from the Kurdistan Regional Government as payment towards October 2017 crude oil deliveries to the export market from the Tawke licence. Genel's net share of the payment is $13.43m.
The override payment relating to October 2017 exports from the Tawke PSC has already been received. Going forward, the Company and the KRG have agreed to align the timing of Genel's override payments with entitlement payments from the Tawke PSC.