Genel says receives monthly oil payment from Iraqi Kurdistan

LONDON, Dec 14 (Reuters) - Genel Energy (Other OTC: GEGYF - news) , an oil producer in Iraqi Kurdistan, has received a gross $16.5 million monthly payment from the Kurdistan Regional Government (KRG) for its share of oil exports from the Taq Taq field, the company said on Monday.

The payment is the third consecutive monthly payment the KRG has made to oil producers in the region, having pledged in September to make regular payments.

Norway's DNO (Oslo: DNOFUT.OL - news) said earlier this month it had received a $30 million payment from the KRG for oil exports from the Tawke field, in which Genel is a partner.

A third foreign oil producer in the region, Gulf Keystone Petroleum, said on Dec. 2 it had received a gross payment pf $15 million for its oil exports.

The KRG has increased its own crude sales since mid-June, cutting allocations to Iraq's state oil marketing firm SOMO in an ongoing tug-of-war over export rights and budget payments.

The dispute has plunged the region into financial crisis compounded by the drop in oil prices.

(Reporting by Karolin Schaps)