Gulf Oil and Gas accountACCOUNT

Receipt of Payment for KRI oil Exports from Taq Taq Field

Source: www.gulfoilandgas.com 7/27/2016, Location: Middle East

Genel Energy plc (‘Genel’) announces that the Taq Taq field partners have received a gross payment of $24.91 million from the Kurdistan Regional Government (‘KRG’) for oil sales during June 2016. Genel’s net share of the payment is $13.70 million.

The payment reflects full settlement of the invoiced amount for June 2016 oil sales, and incorporates $20.82 million towards contractor monthly entitlement and $4.09 million towards recovery of historical receivables.

Gross oil sales from the Taq Taq field in June 2016 averaged 62,979 bopd. The average Brent price applicable for June 2016 was $48.34/bbl. A $5/bbl discount to Brent, including $4/bbl transportation and handling costs, is applied to arrive at the Taq Taq wellhead export netback price.

As agreed with the KRG, sales to the Bazian refinery during June 2016 were invoiced at the wellhead export netback price, in line with the payment mechanism announced by the KRG on 1 February 2016.

For more information about related Opportunities and Key Players visit Iraq Oil and Gas Projects

Financials and Investment News in Iraq >>

Austria >>  11/18/2019 - The transfer of the production licence for the Zisterdorf and Gaiselberg fields from RAG to ADX has been received from the relevant Austrian authority...
United Kingdom >>  11/15/2019 - Subsea 7 S.A. transferred 7,346 shares from treasury to satisfy employee share awards under the Company’s Long-term Incentive Plan. Following the abov...

Senegal >>  11/14/2019 - FAR Limited (FAR) has previously indicated that it has a broad range of financing options for the development of the SNE field under investigation. In...
Libya >>  11/10/2019 - National Oil Corporation (NOC) reported October 2019 revenues of approximately 2.2 billion USD, an increase of 381 million USD (21%) compared to Septe...

United States >>  11/5/2019 - Pacific Drilling S.A. (PACD) reported results for the third quarter of 2019. Net loss for third-quarter 2019 was $90.8 million or $1.21 per diluted sh...
Nigeria >>  10/31/2019 - LEKOIL, the oil and gas exploration and development company with a focus on West Africa, announces that it has paid the US$7.5 million license extensi...

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

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


Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 |

Oil & Gas Projects in Iraq >>

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.