KRG Agrees Settlement of Receivables Owed to DNO, Genel Energy



The Kurdistan Regional Government (KRG) has assigned its 20% interest in the Tawke filed to the Norwegian oil and gas operator DNO, said Ministry of Natural Resources.


The KRG “has reached definitive binding agreements on the settlement of all historical outstanding receivables owed to DNO ASA, the operator of Tawke Field (DNO), and Genel Energy plc, which has participating interests in both Taq Taq and Tawke,” reads a statement by the ministry, issued on Thursday.


The KRG has also removed Genel’s obligation of 30% Capacity Building Bonus payments from the Tawke license.


“DNO and Genel shall make no further claims on all historical outstanding Tawke license receivables from the Government,” reads the statement. Genel has also agreed to the settlement of its claims for its share of historical outstanding Taq Taq license receivables from the Government.


The Government has exercised its audit rights and made provisions to its own satisfaction with respect to the Tawke license for the period up to the 31st July, 2017 and has no further claims on DNO or Genel. It has also exercised its audit rights and made provisions to its own satisfaction with respect to Genel’s past entitlements in the Taq Taq license for the period up to the 31st July, 2017 and has no further claims on payments booked or received by Genel in this regard, the ministry said.


“In addition, DNO and Genel will receive 3% and 4.5% respectively of gross Tawke license revenues each month from the Government over a five-year period, effective as of 1 August, 2017.”

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