Sign In / Up

Add contribution as a guest

Your email will not be displayed publicly
Benefit of signing in/signing up to personalize comment

Comment as a guest

Your email will not be displayed publicly
Benefit of signing in/signing up to personalize comment

Login

Not a member Register   Forgot Password
or connect using
 

Email

 

Rudaw

Business

Genel Energy and DNO receive gross payment from KRG for February oil deliveries

By Rudaw 11/5/2017
Workers adjust a valve of an oil pipe in Tawke oil field near Duhok. Photo: KRG
Workers adjust a valve of an oil pipe in Tawke oil field near Duhok. Photo: KRG
ERBIL, Kurdistan Region - Two major oil and gas companies operating in the Kurdistan Region’s oilfields confirmed that they had received their February 2017 gross payments from the Kurdistan Regional Government (KRG) for oil deliveries to the export market.

The Norwegian oil and gas operator (DNO) announced it had received an amount of $41.40 million from the KRG “as payment towards February 2017 crude oil deliveries to the export market from the Tawke field.”

DNO added that they received funds “to be shared pro-rata by DNO and partner Genel Energy PLC, including $34.73 million toward monthly deliveries and $6.68 million toward recovery of outstanding receivables.”

An average of 110,803 barrels of oil per day (bpd) were produced at Tawke oilfield in February, of which 110,641 were exported through Turkey’s Ceyhan port, it added. 


Genel Energy (PLC) published its report as well on Wednesday, also confirming the Tawke field payment "reflects full settlement of the invoiced amount for February 2017 oil sales, and includes $34.73 million towards monthly entitlement and $6.68 million towards recovery of historical receivables."

Genel added that it had received another $11 million from the KRG as its share from oil sales from the Taq Taq field during February.

Earlier this week an official from the KRG's Oil and Natural Resources Ministry said its debts owed to oil companies have decreased by 25 percent as the region has paid back an estimated $1 billion to oil companies over the past eight months.

Dr. Aras Khoshnaw head of the Kurdistan Strategic Investigation and Information Center told Rudaw that loans the KRG had borrowed from the oil companies since 2014 have been reduced from $4 billion to just $3 billion as the KRG has started paying back its debts over the past eight months.

Khoshnaw added the process of paying the companies their gross payments has encouraged the companies who had oil agreements with the KRG to return and resume their work in oil fields.

The Iraqi government during the Nouri al-Maliki premiership cut the Kurdistan Region’s national budget share in early 2014, a move which forced the KRG to borrow large amounts of money from oil companies or delay their payments in a bid to offset its budget deficit to meet the region’s internal needs, notably the salaries of civil servants.

The KRG signed two agreements in early October and November last year with two international financial institutions — Deloitte, and Ernst and Young — to audit the region’s oil and gas sector.

Comments

 
Alex | 12/5/2017
How much money will be left for tbe people?
2954 Views

Be Part of Your Rudaw!

Share your stories, photos and videos with Rudaw, and quite possibly the world.

What You Say

Renas | 4/25/2018 8:12:21 PM
Its your job Mr Barzani, to unite Kurds, at least in Basur. So if Kurds are not United it means you have not Done your job well!
Hejar | 4/26/2018 2:23:23 AM
Kurds are not United so stop selling. If Kurds were united, they would've fought together in Kirkuk, Nineveh and Afrin. You are now slaves of your...
Without unity, Kurds will achieve nothing in Baghdad, warns PM Barzani
| 13 hours ago | (2)
Rogério Porfírio da Silva | 4/26/2018 12:41:52 AM
hope for prosperity, this nation has suffered greatly. union and peace.
love peshmerga, AK USA | 4/26/2018 1:16:23 AM
Don't believe a word he is saying? he is lying and look he went to Sulaimani to thank Heero and her son for giving him a key to heart of kurds and...
Abadi campaigns in Sulaimani, ‘here to listen’ to Kurds
| 11 hours ago | (6)
Dungeons and dragons 🐉 | 4/25/2018 10:01:15 PM
Yes makes total sense while turkey is breastfeeding about 72 terrorist organizations all those who dares not to aid them will be blamed as ...
Turkish court convicts Cumhuriyet journalists on terror charges
| 13 hours ago | (1)
Kurdistan and USA | 4/25/2018 12:50:06 PM
We understand tour concerns, you are right. The USA could control the entire Middle East if they would spend 50% on the Kurds for what they spend on...
Ant man | 4/25/2018 3:02:40 PM
A ant is bigger therat than failed Pesh
The Peshmerga pose no threat to Iraq
| yesterday at 08:30 | (3)

Elsewhere on Rudaw

Family of the prominent deceased Peshmerga refuse to welcome Abadi 45 minutes ago |

Family of the prominent deceased Peshmerga refuse to welcome Abadi

"How can I welcome the enemy of my nation?" more
Abadi can build bridge between Kurds, Baghdad: Erbil Victory candidate 1 hour ago |

Abadi can build bridge between Kurds, Baghdad: Erbil Victory candidate

"My duty as a Kurd or Iraqi is to establish a more
Women candidates do not want to depend on quota seats in Duhok 3 hours ago |

Women candidates do not want to depend on quota seats in Duhok

Under election rules, women should comprise at more
0.532 seconds