Genel Energy receives monthly oil payments from Kurdistan

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Genel Energy PLC (LON:GENL) has reported on the latest round of crude oil payments from the Kurdistan Regional Government, for sales made in the month of December 2020.

It told investors that the partners in the Tawke fields have received US$43.1mln gross, with Genel’s net share amounting to US$10.5mln.

For the Sarta field the gross payment was US$2,9mln, Genel’s share is US$1.4mln.

Genel added that payment is expected in the coming days for the Taq Taq field, after a reconciliation of 2020 costs.

READ: Genel eyes growth in 2021

Earlier this month, Genel announced gross operated production at its 25%-owned Tawke field in the Kurdistan Region of Iraq averaged 110,300 barrels of oil per day (bopd) in 2020.

The production volumes were split evenly between the Tawke and Peshkabir fields, it added. The group highlighted that this is the sixth consecutive year that Tawke has exceeded 100,000 bopd.

Subsequently, the oil company said it was positioned to grow in 2021, with a twelve-well drill campaign among the slated catalysts.

Genel said it expects 2021 production to be slightly above the 2020 average though there is potential for a higher exit rate and stronger volumes in 2022 subject to results in the appraisal campaign at the Sarta field.

Sarta’s start-up was a key highlight of 2020 as it marked the company’s fourth producing operation.

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