UPDATE: KRG oil payments sputter on low revenue
DNO, Genel and Gulf Keystone confirm partial April payment, but delays threaten to undermine a new policy that had sparked some investor optimism.
A rig at the Miran field, which is operated by London-listed Genel Energy. (Source: Genel Energy)
Update includes:
- DNO, Gulf Keystone confirms partial payment for April
- KRG says payment delays due to “inter-bank issues”
ERBIL - A revenue slump in April has driven the Kurdistan Regional Government (KRG) to break a four-month run of contractual payments to international oil companies, a setback in the government's campaign to right its finances and win back the confidence of investors.
Genel Energy, which leads the development of the Taq Taq field, said Thursday it had received $11 million from the KRG as a partial payment for April exports, less than half the $22.45 million it invoiced the KRG. Genel’s share of the payment is $6.05 million, with the rest going to its consortium partners.
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