By John Lee. Genel Energy plc has announced that the Taq Taq field partners have received a gross payment of $12.6 million from the Kurdistan Regional Government ('KRG') for oil sales during February 2016. Genel's share of the gross Taq Taq payment is $6.9 million. As agreed with the KRG, sales into the local market […]
By John Lee. Iraq Oil Report, citing Iraqi Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi], says Baghdad has stopped oil exports through the Kurdish region, to put pressure the Kurdistan Regional Government to resume talks about sharing oil revenues. Sources confirmed to Reuters that the state-run North Oil Company (NOC) has stopped pumping oil […]
By John Lee. Gulf Keystone Petroleum (GKP) has confirmed that the gross payment of US$15 million was received from the Kurdistan Regional Government on 4 March. Following the payment, the Company's current cash position is US$56 million. (Source: GKP)
By John Lee. Shafaaq reports that Iraq will pay foreign oil companies about $2 billion in remaining arrears for 2015 in April. The arrears were accumulated to international oil companies (IOCs) such as BP, Shell , ExxonMobil, Eni and Lukoil, which operate in under service contracts, whereby they are paid a fixed dollar fee for […]
By John Lee. Iraq's Ministry of Oil said on Tuesday that exports from the south fell in February to 3.225 million bpd, down from 3.285 million bpd the previous month. Bad weather was blamed for the drop. Reuters reports that, for a fifth consecutive month, Baghdad exported no oil via its northern pipeline to Ceyhan. […]
Gulf Keystone Petroleum (GKP) announced today that the Kurdistan Regional Government has authorised a gross payment of US$15 million (US$12 million net to Gulf Keystone) to the company. Further to the KRG's Ministry of Natural Resources ("MNR") press release of 1 February 2016, this payment is being made on the basis of the Company's monthly […]
By John Lee. Prime Minister Haider al-Abadi (pictured) has reportedly offered to pay the salaries of the KRG’s employees if it ceases its independent oil exports. Facing a financial crisis due to low oil prices, the KRG announced recently that its employees will be paid only partial salaries until further notice, and that unpaid wages […]
DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 21.45 million from the Kurdistan Regional Government for exports from the Tawke field under a new payment arrangement announced on 1 February 2016. The payment, to be shared pro-rata by DNO and partner Genel Energy plc, includes USD 17.99 million toward the […]
By John Lee. Shares in Genel Energy were trading up 10 percent on Friday morning after the compay announced that the Taq Taq field partners have received a gross payment of $16.3 million from the Kurdistan Regional Government for oil exported through the Kurdistan Region of Iraq-Turkey pipeline. Genel's share of the gross Taq Taq […]
By John Lee. Iraq's oil ministry said on Monday that exports rose slightly in January to an average of 3.285 million barrels per day (bpd), up from 3.216 million bpd in December. Production from the southern oilfields averaged 3.9 million bpd, down from a record high of 4.13 millon bpd the previous month. All of […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) were up 28 percent on the London market this morning, after the Kurdistan Regional Government's Ministry of Natural Resources clarified its export payment plan for foreign oil companies. Other companies with exposure to Iraqi Kurdistan, includingn Genel Energy and DNO, also saw their shares rise significantly. […]
This article was originally published by Niqash. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Where Are The Petrodollars? Kirkuk Oil Flowing Fast, But Locals Never See Any Money The province of Kirkuk exports millions of barrels of oil per month. But nobody knows where […]
