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Confirmed: the latest payments for the Iraq-Turkey pipeline

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World Pipelines,

On 6 January 2016, Taq Taq field partners Gulf Keystone Petroleum, DNO ASA and Genel Energy plc, confirmed that they had received payment from the Kurdistan Regional Government (KRG) in Iraq for the oil exported through the Kurdistan Region of the Iraq-Turkey pipeline.

The payments

As a partial payment towards the oil exported from the Tawke field, DNO received US$30 million. This amount will also be shared pro-rata with Genel Energy; its Tawke license partner.

Similarly, a US$15 million sum was paid to Gulf Keystone for its crude oil export sales from the Shaikan field.

After an eight month halt in payments due to disagreements with Iraq’s central government over how the region should support its oil output, the payments were resumed.

Comments from Gulf Keystone

Jón Ferrier, Gulf Keystone Petroleum CEO, stated: "We are pleased to start 2016 with confirmation of payment for December's Shaikan crude oil export sales. This is the fourth consecutive monthly payment, for which we would like to state our thanks to our partner, the MNR."

The three companies produce a combined 300 000 bpd and, according to regulatory findings, are all owed US$1.7billion for past exports.

Edited from various sources by Stephanie Roker

Sources: Energy Voice, Rigzone

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