Tawke field partners in the Kurdish Regional Government (KRG) received $53.71 million for October 2017 crude oil deliveries, Genel Energy announced Monday.
According to Genel Energy's announcement, the company's net share of payment is $13.43 million.
'The override payment relating to October 2017 exports from the Tawke PSC [Production Sharing Contract] has already been received. Going forward, the company and the KRG have agreed to align the timing of Genel’s override payments with entitlement payments from the Tawke PSC.' the press release read.
Genel Energy is an independent oil and gas exploration and production company headquartered in London with offices in Ankara and Erbil.
The Tawke field produced an average of 109,000 barrels oil per day in the first half of 2017, a 4 percent increase from the first half of 2016, according to Genel Energy.
By Muhsin Baris Tiryakioglu
Anadolu Agency
energy@aa.com.tr