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Genel, DNO receive payment for Iraqi Kurdistan oil deliveries

2018/02/15 | 17:15

(Iraq Now News)-

DNO worker in Iraqi Kurdistan.

photo: DNO/scandinaviamideast

LONDON/OSLO,— DNO ASA, the Norwegian oil and gas operator confirmed on Thursday the receipt of USD 54.73 million from Iraq’s Kurdistan Regional Government as payment towards November 2017 crude oil deliveries to the export market from the Tawke license, a DNO press release said.

Separately, a payment of USD 4.70 million from the Kurdistan Regional Government has been received net to DNO, representing three percent of gross Tawke license revenues during November, as provided for under last August’s receivables settlement agreement.

DNO operates and has a 75 percent interest in the Tawke license, which contains the Tawke and Peshkabir fields.

Combined production from the two fields in November averaged 105,546 barrels of oil per day.

Also Genel Energy plc (‘Genel’) announced on Thursday that the Taq Taq partners have received a gross payment of $11.05 million from the Kurdistan Regional Government (‘KRG’) for oil sales during November 2017.

Genel’s net share of the payment is $6.08 million.

Genel also notes the announcement from DNO ASA, as operator of the Tawke PSC, that the Tawke partners have received $54.73 million from the KRG as payment for November 2017 crude oil deliveries to the export market from the Tawke licence.

Genel’s net share of the payment is $13.68 million.

DNO ASA is a Norwegian oil and gas operator focused on the Middle East and North Africa.

Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Yemen, Oman, Tunisia and Somaliland.

Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange.

The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq.

Through its Miran and Bina Bawi gas fields, the Company is positioned to be a cornerstone provider of KRI gas to Turkey under the KRI-Turkey Gas Sales Agreement.

(With files from dno.no | genelenergy.com)

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