Genel receives March payments for Taq Taq field

Genel Energy said on Monday that partners of the Taq Taq field have received a gross payment of $19.88m (£14m) from the Kurdistan Regional Government (KRG) for oil sales in March, with its share coming to $10.93m.

As agreed with the KRG, sales into the local market and deliveries to the Bazian refinery during March 2016 were invoiced at the wellhead export netback price, in line with the payment mechanism announced by the KRG in February.

An additional $3.91m payment – $2.15m to Genel – has been made towards recovery of the receivable.

In total, the company has received $13.08m for the Taq Taq field in the Kurdistan region of Iraq in March, which saw gross oil sales average 75,300 barrels of oil per day.

Genel and peer Gulf Keystone Petroleum have suffered payment delays for years as they got caught up in a revenue-sharing dispute between regional authorities and Iraq’s federal government.

At 1435 BST, Genel shares were up 2.4% to 90.36p.