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Genel Energy Plc receives latest batch of Kurdistan oil payments

Payments for January’s oil sales have now been received.

() noted the latest payments received from the Kurdistan Regional Government for oil sales made in January.

It received a total of US$23.9mln in net payments – comprising US$10.9mln for its share of the Tawke field, US$6.5mln for the Tawke override, US$2.6mln from its stake in the Taq Taq field and US$1.5mln from the Sarta field.

It also included the recover of US$2.4mln of past receivables, from oil sale invoices from 2019 and 2020.

Earlier this week, the company told investors that the Sarta-3 well has begun production. It sees the Sarta field, in the Kurdistan Region of Iraq, now producing more than 10,000 barrels of oil per day.

Genel, in a brief statement on Monday, said it expects production volumes to increase from the two current production wells through the optimisation of the field’s production facilties.

Read More: Genel Energy Plc receives latest batch of Kurdistan oil payments

2021-03-10 03:33:00

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