By John Lee.
Gulf Keystone Petroleum (GKP) has announced that, further to the recent statement by the Ministry of Natural Resources (MNR) of the Kurdistan Regional Government (KRG) regarding payment to producers for crude oil exports, an initial payment of USD 15 million (17.5 billion Iraqi dinars) gross has been made to the company.
Gulf Keystone said now looks forward to the establishment of a pattern of regular payments for export crude sales, while in the meantime adopting a prudent approach to capital expenditure.
Commenting on today's news, John Gerstenlauer (pictured), Gulf Keystone's CEO, said:
"We welcome this initial payment of USD 15 million gross from the MNR for Shaikan export oil sales.
"It represents a major step forward for us and we are grateful to our partners in the KRG, who we resolutely stand beside.
"We continue to have constructive discussions with the KRG in relation to receiving payment in full for our oil sales.
Following our first anniversary of steady export sales, this initial payment is another important milestone in Gulf Keystone's history and further evidence of the Company's great momentum.
"With the creation of a regular payment cycle we look forward to being able to deliver further benefits to the people of Kurdistan, and all our stakeholders, as we consolidate our position as a key producer in the region from the world class Shaikan field."