Genel Secures 2nd Oil Payment This Month From Kurdistan
23 Outubro 2015 - 5:42AM
Dow Jones News
By Alex MacDonald
LONDON--Genel Energy PLC (GENL.LN) said Friday it has secured $9
million in oil export payments from the Kurdistan regional
government of Iraq, the second such payment this month as the
government seeks to reconcile a backlog of oil export payments to
foreign oil producers.
Genel, chaired by former BP PLC (BP) chief executive Tony
Hayward, has suffered reduced revenues this year due to delayed oil
export payments from Kurdistan. The regional government has been
waging an expensive war to fend off Islamic State militants and
promised to resume oil export payments this fall. It's starting to
pay with greater frequency although only a trickle of the total
amount has been paid.
The payment on Friday to Genel, Kurdistan's largest oil
producer, is part of a $30 million payment for oil from the Tawke
field. A $16.5 million payment to Genel on Tuesday for oil from the
Taq Taq field means the regional government has now paid 6.2% of
the $409 million owed to the oil firm as of September end.
Genel announced earlier this week that it would curb its capital
expenditure until it feels more comfortable about the timing of
future oil payments. This resulted in narrower oil output and
revenue targets for this year.
Genel noted that it's prepared to boost spending and therefore
output once it receives more regular payments from Kurdistan.
-Write to Alex MacDonald at alex.macdonald@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 23, 2015 03:27 ET (07:27 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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