Genel Energy says that the Taq Taq field partners have received a gross payment of $30 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 payment is $16.5 million.

Murat Özgül, CEO of Genel, said,'This payment is confirmation of the KRG's commitment, reiterated twice in August, to pay contractors for oil exports, and we look forward to the normalisation of oil export payments in coming months. Regular payments would allow us to plan for continued investment in our KRI oil and gas assets, which have the potential to create significant further value for the Kurdistan Region of Iraq.'

Tags: Genel Energy