Kurdish Regional Government (KRG) paid $24.91 million to Taq Taq field partners for oil sales in June 2016, Genel Energy announced on Wednesday.
Genel Energy's net share of payment for Taq Taq oil sales in June was $13.7 million, the statement said.
"The payment reflects the full settlement of the invoiced amount for June 2016 oil sales, and incorporates $20.82 million towards contractor monthly entitlement and $4.09 million towards recovery of historical receivables," the company stated.
Gross oil sales from the Taq Taq field in June 2016 amounted to 62,979 barrels of oil per day, according to the company.
The average Brent price applicable for June 2016 was $48.34 per barrel. A $5 per barrel discount to Brent, including $4 per barrel transportation and handling costs, was applied to arrive at the Taq Taq wellhead export netback price.
"As agreed with the KRG, sales to the Bazian refinery [25 km from Sulaymaniyah on the KRG's coastal area] during June 2016 were invoiced at the wellhead export netback price, in line with the payment mechanism announced by the KRG on Feb. 1, 2016," the statement said.
By Huseyin Erdogan