Genel Receives Payments for KRI Oil Sales

Source: www.gulfoilandgas.com 3/10/2021, Location: Middle East

Genel Energy has announced that payments have been received from the Kurdistan Regional Government for oil sales during January 2021.

Under the Tawke override payment mechanism, Genel receives 4.5% of monthly Tawke gross field revenues.

The receivable recovery payment relatesto unpaid invoices from 2019 and 2020. For each cent above a monthly dated Brent average of $50/bbl, 0.5 cent per paying interest barrel produced will be paid towards monies owed. Not included in the table is a receipt of $2.4million (Genel share) relating to December sales, which was received in February and consequently not included in the reported January receipts.


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