It said the Taq Taq field partners received US$4.6mln gross, which equates to about US$2.5mln net to Genel, meanwhile, the Tawke partners received US$34.6mln which is US$8.5mln net.
The payments are in line with recent proposals by the KRG regarding international oil companies operating in the Iraqi region.
Those proposals comprised a commitment to settle monthly invoices by the fifteenth day of the following month, though, at the same time, outstanding payments for invoices from November 2019 to February 2020 will be deferred for at least nine months. Also Tawke production override payments are suspended for at least nine months.
An additional payment programme will be put in place to recover deferred invoices should the oil price recover to US$50 per barrel.
“Genel welcomes the KRG’s approach to establish a framework that provides clarity and predictability for overdue and future payments, and the commitment to full repayment of deferred invoices as the oil price recovers,” the company said in a statement.
“Genel has requested clarification regarding the repayment mechanism, and has responded to the KRG with a proposal that balances the KRG’s near-term liquidity challenges with longer-term developments benefiting both the KRG and Genel,” it added.
Published at Fri, 17 Apr 2020 08:00:00 +0000-Genel Energy receives March oil cash amid new payment proposals from KRG