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ERBIL, Kurdistan Region — Genel Energy announced on Friday that it had received a net payment of over $10 million from the Kurdistan Regional Government (KRG) for its August oil sales.
Gulf Keystone has also received a net of similar amount from the KRG for the month, according to an American financial services firm.
“The Taq Taq partners have received a gross payment of $4.7 million, with Genel's net share of the payment being $2.6 million. The Tawke partners have received a gross payment of $33.8 million, with Genel's net share of the payment being $8.2 million” Genel Energy said in a Friday statement.
Taq Taq oilfield is located in Sulaimani province, with Tawke oilfield in Duhok province.
Gulf Keystone, which operates Shekhan oilfield in Duhok province, has also received a gross payment of $12.5 million, reported Morningstar, a US-based financial services firm.
Rudaw English has reached out to Gulf Keystone for confirmation.
According to 2017 data, the Kurdistan Regional Government (KRG) owes an estimated $3 billion to oil companies operating in the Kurdistan Region.
The KRG exports nearly 400,000 barrels of oil per day through pipelines with Turkey. The spread of coronavirus, budget disputes with Baghdad and a dramatic drop in oil prices has fueled an economic crisis in the Region, making it unable to pay its civil servants in full and on time. It’s oil pipeline with Turkey has caused major disagreements with Baghdad, which in the past cut Erbil’s budget share over the dispute.
Auditing giant Deloitte said in May that the KRG sold crude oil and condensate worth more than $8.3 billion in 2019, up from 2018’s $7.75 billion.
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