Genel Energy has announced the receiving of $8.5 million of payment from the Kurdistan Regional Government (KRG) for May’s oil sales, according to a press release.
The Taq Taq partners yielded a gross payment of $3.4 million, with Genel’s net share of the payment coming to $1.9 million. The Tawke partners have received a gross payment of $26.8 million, with Genel’s net share of the payment being $6.6 million.
For Genel, this represents a substantial increase from April’s profits with the net share from Taq Taq totalling $1.1 million and Tawke yielding a measly $2.1 million.
Genel has a 25% working interest in the Tawke field and a 44% interest in the Taq Taq field, both of which are located in Iraqi Kurdistan Region (KRI).