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Kurds Vow Steady Payments to Oil Companies as Exports Rise
8/27/2015
Iraqi Kurdistan said on Thursday it expects to begin making regular payments to oil exporting companies in the first half of September. The Kurdish Ministry of Natural Resources said in a statement that $75-$100 million of revenue from its direct crude oil sales would be allocated as payment to the companies. Additional export revenue will be paid to the companies as Kurdish shipments rise in 2016. “Regular payments will allow the exporting companies to cover their ongoing expenses and plan for further investment in the oilfields, which will in turn boost production,” the statement read. The payment would be the first stable compensation to the companies that have been caught in a dispute over revenue sharing between Iraq’s federal government and the Kurdistan Regional Government (KRG). Also on Thursday, Gulf Keystone Petroleum said it was owed $283 million for oil sales and other costs from the KRG.
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8/27/2015
Iraqi Kurdistan said on Thursday it expects to begin making regular payments to oil exporting companies in the first half of September. The Kurdish Ministry of Natural Resources said in a statement that $75-$100 million of revenue from its direct crude oil sales would be allocated as payment to the companies. Additional export revenue will be paid to the companies as Kurdish shipments rise in 2016. “Regular payments will allow the exporting companies to cover their ongoing expenses and plan for further investment in the oilfields, which will in turn boost production,” the statement read. The payment would be the first stable compensation to the companies that have been caught in a dispute over revenue sharing between Iraq’s federal government and the Kurdistan Regional Government (KRG). Also on Thursday, Gulf Keystone Petroleum said it was owed $283 million for oil sales and other costs from the KRG.
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