Gulf Keystone receives $15 mln payment for Iraqi Kurdistan oil export sales

Posted on January 6, 2016 by Editorial Staff in Oil & Gas

LONDON,Gulf Keystone Petroleum, a leading independent operator and producer in Iraq’s Kurdistan Region has confirmed on Wednesday the receipt of a gross payment of US$15 million (US$12 million net to Gulf Keystone) for Shaikan crude oil export sales, the company said in a press release.

This payment satisfies the Company’s invoice for the month of December 2015 submitted to the Kurdistan Regional Government’s Ministry of Natural Resources (“MNR”).

Gulf Keystone’s CEO, Jón Ferrier, “We are pleased to start 2016 with confirmation of payment for December’s Shaikan crude oil export sales. This is the fourth consecutive monthly payment, for which we would like to state our thanks to our partner the MNR.”

Following the payment, the Company’s current cash position is US$58.4 million.

Last December Gulf Keystone has received US$15mln gross payment from Iraq’s Kurdistan.

On Tuesday Genel Energy also confirmed the it has received $30 mln Iraqi Kurdistan payment for oil exported through the Kurdistan Region of Iraq-Turkey pipeline.