Iraqi Kurdistan will next month make the first in a promised series of regular payments to IOCs active in the region. This pledge comes as Gulf Keystone on 27 August became the latest key KRG producer to lay bare its financial woes.

The KRG Ministry of Natural Resources (MNR) on 27 August announced that it had “approved the allocation of $75-100 million of the revenue from the KRG’s direct crude oil sales as payment… to the exporting IOCs, to be distributed in broad proportion to the companies’ past and present contributions to export.” It “expects the first tranche of regular payments to be made available…during the first half of September.” (CONTINUED - 1902 WORDS)