KRG keeps producers waiting for pay
The autonomous Kurdistan region is struggling to keep its promises to IOCs, owing two months of payments to most oil producers in the region.
The final welded section of the KRG's Khurmala - Feyshkabour pipeline lies by trenching immediately south of oil storage tanks at DNO International's pumping station, 3km from the Turkey border, in November 2013. (PATRICK OSGOOD/Iraq Oil Report)
ERBIL - The Kurdistan Regional Government (KRG) is again lagging on funds to international oil companies (IOC), following a public commitment to contractual terms in 2016 and six months of corresponding payments that built up optimism in the sector.
Of the seven IOCs that are developing KRG-controlled fields and are contractually owed payments, at least six are awaiting pay for production from as far back as July estimated at $155 million in total.
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