The Kurdish Regional Government (KRG) made a gross payment of $27.02 million to Taq Taq field partners for oil sales in January 2017, Genel Energy announced Tuesday.
Genel Energy's net share of the payment for Taq Taq oil sales in January was $14.86 million, the statement said.
"The payment reflects full settlement of the invoiced amount for January 2017 oil sales, and incorporates $24.41 million towards contractor monthly entitlement and $2.61 million towards recovery of historical receivables" the company stated.
Gross oil sales from the Taq Taq field in January 2017 averaged 33,940 barrels of oil per day.
"As agreed with the KRG, both exports and Bazian refinery deliveries in January were invoiced at the same pricing. The differential applied to the Taq Taq field to arrive at the wellhead netback price is unchanged at -$5 per barrel," the statement said.
By Muhsin Baris Tiryakioglu