Genel Energy Receives Payments for KRI Oil Sales

Source: www.gulfoilandgas.com 9/6/2021, Location: Middle East

Genel Energy plc has announced that payments have been received from the Kurdistan Regional Government (‘KRG’) relating to oil sales during June 2021.

Following the receipt of the receivable recovery payment, Genel is now owed $137 million from the KRG for oil sales from November 2019 to February 2020 and the suspended override from March to December 2020. For the first time, Genel’s production from Sarta was also included in the calculation of the receivable recovery payment.

*Genel is awaiting confirmation from the operator, Chevron, that payment has been received. The Company expects this shortly and will not announce the payment separately.


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