By John Lee.
Genel Energy has announced that the Taq Taq field partners have received an initial gross payment of $30 million (35 billion Iraqi dinars) from the Kurdistan Regional Government ('KRG') for oil exported through the Kurdistan Region of Iraq ('KRI')-Turkey pipeline.
The Tawke field partners will also receive a $30 million gross payment.
Genel's net share of these payments is $24 million.
In a statement the company said:
"Genel believes that this is an important first step towards the normalisation of payments for oil exported through the pipeline.
"Payments are expected to become more regular and predictable once the KRG reaches budget equilibrium in early 2015.
"Oil exports by pipeline from the KRI continue to grow and recently exceeded 350,000 bopd."
(Source: Genel Energy)