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Christmas didn’t quite come early for independent operators in Iraqi Kurdistan but, with all receiving ‘December’ payments by the first week of the New Year the firms can have increasing confidence that more regular payments will be forthcoming.
The operators of Iraqi Kurdistan Region’s three main crude export fields have all confirmed receipt of payments for December, totalling $75mn – the same as for the three preceding months.
All payments were completed by 6 January, considerably more timely than in the previous month, when payments for the Genel-operated Taq Taq field weren’t received until 14 December (MEES, 18 December 2015). With oil prices slumping further in December, the cash-strapped Kurdistan Regional Government’s (KRG) relatively-prompt payment will come as a considerable relief for international oil companies (IOCs) in the autonomous region.
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