Payments Received for Tawke and Taq Taq Oil Exports

By John Lee.

DNO ASA, the operator of the Tawke field, and its partner Genel Energy, have announced that they have received a payment of $35.45 million from the Kurdistan Regional Government (KRG) as payment towards November 2016 crude oil deliveries to the export market from the Tawke field.

The payment reflects full settlement of the invoiced amount for November 2016 oil sales, and includes $29.73 million towards monthly entitlement and $5.72 million towards recovery of historical receivables.

The payments will be shared pro-rata by DNO and Genel.

Tawke production in November averaged 115,363 bopd, of which 115,081 bopd was delivered for export through Turkey.

Genel Energy also announce that the Taq Taq field partners have received a gross payment of $16.55 million from the KRG for oil sales during November 2016. Genel’s net share of the payment is $9.10 million.

That payment reflects full settlement of the invoiced amount for November 2016 oil sales, and incorporates $13.83 million towards contractor monthly entitlement and $2.72 million towards recovery of historical receivables.

Gross oil sales from the Taq Taq field in November 2016 averaged 45,170 bopd, including both exports and Bazian refinery deliveries.

As agreed with the KRG, both exports and Bazian refinery deliveries during November 2016 were invoiced at the same pricing.

(Sources: Genel Energy, DNO)

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