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Genel says receives overdue KRG payment for July oil exports

Reuters - UK Focus

LONDON, Sept 28 (Reuters) - Genel, one of the main foreign oil producers in Iraqi Kurdistan, said on Wednesday the Kurdistan Regional Government (KRG) had paid partners in the Taq Taq field $23.37 million for oil sales made in July.

The KRG, which had been paying foreign producers in monthly installments for oil exports since last September, fell behind on payments, raising concern among oil exporters.

Fellow Kurdistan producer Gulf Keystone said last week inconsistent payments were keeping it from investing in the region.

Wednesday's payment announcement will help alleviate some of these concerns. Genel said its net share of the payment was $12.85 million and that oil sales from the Taq Taq field averaged 61,788 barrels per day in July. (Reporting by Karolin Schaps; Editing by Adrian Croft)