Genel Energy receives Payment for July Sales

By John Lee.

Genel Energy has announced that the Taq Taq field partners have received a gross payment of $23.37 million from the Kurdistan Regional Government ('KRG') for oil sales during July 2016.

Genel's net share of the payment is $12.85 million.

The payment reflects full settlement of the invoiced amount for July 2016 oil sales, and incorporates $19.53 million towards contractor monthly entitlement and $3.84 million towards recovery of historical receivables.

Gross oil sales from the Taq Taq field in July 2016 averaged 61,788 bpd. The average Brent price applicable for July 2016 was $45.10/bbl. A $5/bbl discount to Brent, including $4/bbl transportation and handling costs, is applied to arrive at the Taq Taq wellhead export netback price.

As agreed with the KRG, sales to the Bazian refinery during July 2016 were invoiced at the wellhead export netback price, in line with the payment mechanism announced by the KRG on 1 February 2016.

(Source: Genel Energy)

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