KRG pays $62 million for March crude deliveries from Tawke
ERBIL, Kurdistan Region — Britain’s Genel Energy announced on Wednesday that the Kurdistan Regional Government paid $62.19 million to Tawke partners for crude oil deliveries in March.
The sum was paid Genel and its partners at the Tawke oil field. Genel's share was $15.52 million, according to the company's statement.
At Taq Taq, partners received $6.2 million from the KRG for the same month with Genel receiving $3.4 million.
Genel also received an override payment of $8.37 million in the same month for Tawke gross license revenues in-line with a previous agreement.
In November 2017, Genel Energy confirmed it had fully settled with the KRG for more than $50 million of dealings for February 2017 sales.
The KRG signed two agreements in early October and November 2017 with two international financial institutions — Deloitte, and Ernst and Young — to audit the region’s oil and gas sector.
The KRG has made it a priority to pay foreign oil companies, as it comes out of financial crises caused by a global drop in oil prices, Baghdad putting the Kurdistan Region's budget share at 12.67 percent, the hosting at its peak of 1.8 million IDPs and Syrian refugees, and a bloated public sector.
The sum was paid Genel and its partners at the Tawke oil field. Genel's share was $15.52 million, according to the company's statement.
At Taq Taq, partners received $6.2 million from the KRG for the same month with Genel receiving $3.4 million.
Genel also received an override payment of $8.37 million in the same month for Tawke gross license revenues in-line with a previous agreement.
The KRG, ever since it started exporting oil independently from Baghdad in 2014, has become a hub for smaller oil companies.
In November 2017, Genel Energy confirmed it had fully settled with the KRG for more than $50 million of dealings for February 2017 sales.
The KRG signed two agreements in early October and November 2017 with two international financial institutions — Deloitte, and Ernst and Young — to audit the region’s oil and gas sector.
The KRG has made it a priority to pay foreign oil companies, as it comes out of financial crises caused by a global drop in oil prices, Baghdad putting the Kurdistan Region's budget share at 12.67 percent, the hosting at its peak of 1.8 million IDPs and Syrian refugees, and a bloated public sector.