Payment for KRI oil exports from Tawke field
Genel Energy plc ('Genel') notes the announcement from DNO ASA (DTNOY), as operator of the Tawke field, that the Tawke field partners have received a payment of $37.40 million from the Kurdistan Regional Government for oil sales during July 2016.
The payment reflects full settlement of the invoiced amount for July 2016 oil sales, and includes $31.37 million toward the monthly entitlement and $6.03 million towards recovery of historical receivables.
The payments will be shared pro-rata by DNO and Genel.
Tawke production in July averaged 117,992 bopd, of which 117,579 bopd were earmarked for export. This was up from June production levels of 114,384 bopd, of which 113,601 bopd were earmarked for export.
An amount of $8.41 million remains outstanding from the Kurdistan Regional Government for Tawke June deliveries to the export market. The total invoiced amount for June is $38.41 million, for which a partial payment of USD 30 million was received on 8 August 2016.