Keystone Keeps Wolf From The Door With New KRG Payment

London-listed independent Gulf Keystone (GKP) on 15 October said it had received a $15mn payment from Iraq’s Kurdistan Regional Government (KRG) for exports of crude produced from the firm’s 40,000 b/d Shaikan field. Of this GKP will keep $12mn and pass on $3mn to partner Mol of Hungary.

It is unclear if the KRG’s other key foreign operators have also been paid. In early September the Shaikan partners also received $15mn, which formed part of overall $75mn payments. The remaining $60mn was evenly split between Norway’s DNO and its partners in the 150,000 b/d Tawke field, and London-listed Genel and its partners at 130,000 b/d Taq Taq (MEES, 11 September). Previous similar payments were in December 2014. (CONTINUED - 411 WORDS)