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ShaMaran Announces Payment for Atrush Oil Deliveries

Source: www.gulfoilandgas.com 2/15/2018, Location: Middle East

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ShaMaran Petroleum Corp. reports that TAQA Atrush BV, Operator of the Atrush Block, has received USD 16.2 million on behalf of the Atrush co-venturers from the Kurdistan Regional Government (“KRG”) as payment for November 2017 crude oil deliveries from the Atrush license to the export market. These funds will be shared between the Atrush co-venturers according to the terms of the agreements.

The Company also reports that a new agreement for the sale of Atrush oil has been executed between the Atrush co-venturers and the KRG. The new agreement replaces the previous agreement between the same parties and includes a downward adjustment to $15.73/bbl from the previously agreed discount of $16.04/bbl to reflect higher actual oil quality delivered from Atrush.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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