The oil independents that dominate the upstream in Iraqi Kurdistan this week received the third consecutive monthly payment – albeit late. But this is not yet sufficient to unlock the investment needed to boost stagnating output.
The unreliability of payments from Iraq’s Kurdistan Regional Government (KRG) and the resultant accrual of receivables remains a key concern for international oil companies (IOCs) operating in the region. But nerves eased somewhat after the KRG on 30 November released the third in a row of $75mn monthly payments for volumes exported by pipeline via the Turkish Mediterranean port of Ceyhan. (CONTINUED - 1576 WORDS)