Iraq dishes out $320m in oil export payments

[SocalDinar]

Iraq dishes out $320m in oil export payments

Iraq has made a set of long-awaited multi-million payments for past oil exports from the Tawke and Taq Taq fields, explorers DNO International and Genel Energy have said.

Norway’s DNO said that it had received $116 million in partial payments for past earnings at the Tawke field, which it operates on a 55% stake, while partner Genel Energy reaped $44 million.

London-listed Genel Energy also received $88 million out of a $160 million part payment made to Taq Taq operating company TTOPCO it jointly owns with Addax Petroleum.

Both DNO and Genel Energy are to book the payments in their fourth quarter results.

DNO said it had now received three payments totalling $280 million for oil exported from the Tawke field during 2009, 2011 and 2012.

The export payments have been delayed by the long-running dispute between Baghdad and the KRG over the latter's awarding of producition sharing contracts the central government views as illegal.

Under a deal finally reached in September, long overdue payments are to be made in installments in return for Kurdistan ramping up its output.

http://www.upstreamonline.com/live/article1300052.ece

[amhvl]

This is a positive gesture towards the HCL. Nice find.