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Genel Energy confirms March crude export payments for Tawke

Published: 17:24 12 Apr 2016 AEST

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Production has picked up at Tawke, to average 117,256 bopd in April so far.

Genel Energy Plc (LON:GENL) has told investors that some US$20mln has been received by the partners in the Tawke oil field, in the Kurdistan region of Northern Iraq.

DNO, Tawke’s operator, received US$16.87mln gross from the Kurdistan Regional Government for March crude oil deliveries to export and local markets, Genel said.

A further US$3.24mln gross payment was also received towards the recovery of outstanding entitlements for past deliveries, it added.

It was confirmed that the partners would receive a pro-rata allocation of the funds – i.e. Genel will get 25% of the payment for its 25% stake in the field.

Deliveries for export in March from the Tawke field averaged 74,546 barrels of oil per day, up from 66,427 bopd in the preceding month (which was impacted by disruption to the export pipeline through Turkey).

Genel said that crude delivery into the domestic Kurdistan market amounted to 4,446 bopd, down from 6,697 bopd in February. It clarified that for the purposes or pricing and entitlement payments, in March domestic sales were treated as exports.

In April so far, Tawke crude deliveries have increased further to average 117,256 bopd.