LONDON (Alliance News) - Oil and gas producer Gulf Keystone Petroleum Ltd on Friday said the Kurdistan Regional Government in Iraq has authorised a USD15.0 million gross payment to the company.
The payment is being made on the basis of the monthly, contractual revenue entitlement for Gulf Keystone under its Shaikan production sharing contract for crude oil exports from the Shaiken project in the Kurdistan.
Gulf Keystone said USD5.8 million of the payment falls under the ongoing contract, with a further USD9.2 million being paid towards the recovery of arrears.
"We are pleased to continue receiving regular monthly payments for Shaikan crude oil exports in 2016, now under the terms of the PSC, as announced by the MNR, which we welcome," said Jon Ferrier, Gulf Keystone's chief executive.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Gulf Keystone Petroleum (GKP)