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Genel and Gulf Keystone receive first export payments for Kurdistan oil

02nd December 2014

Genel Energy and Gulf Keystone have both received initial gross payments from the Kurdistan Regional Government (KRG) for oil exported through the Kurdistan Region of Iraq (KRI)-Turkey pipeline

Genel and Gulf Keystone receive first export payments for Kurdistan oil
Payments are expected to become more regular and predictable once the KRG reaches budget equilibrium in early 2015

Genel received an initial gross payment of USD 30m from the Kurdistan Regional Government (KRG) for oil exported through the KRI-Turkey pipeline from its Taq Taq field.

The Tawke field partners will also receive a USD 30m gross payment.

Genel's net share of these payments is USD 24m.

Genel believes that this is an important first step towards the normalisation of payments for oil exported through the pipeline.

Gulf Keystone has also received an initial payment of USD 15m gross for its share of gas exports fro mthe Shaikan field

"We welcome this initial payment of USD 15 million gross from the MNR [Ministry of Natural Resources] for Shaikan export oil sales,” said John Gerstenlauer, Gulf Keystone's CEO.

“With the creation of a regular payment cycle we look forward to being able to deliver further benefits to the people of Kurdistan, and all our stakeholders, as we consolidate our position as a key producer in the region from the world class Shaikan field."

Payments are expected to become more regular and predictable once the KRG reaches budget equilibrium in early 2015.

Oil exports by pipeline from the KRI continue to grow and recently exceeded 350,000 bopd.

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