London-listed independent Gulf Keystone Petroleum announced Wednesday that it received payment from the Kurdistan Regional Government (KRG) for oil exports from the Shaikan field.

Gulf Keystone receives KRG payment

ERBIL, December 2, 2015 – London-listed independent Gulf Keystone Petroleum announced Wednesday that it received payment from the Kurdistan Regional Government (KRG) for oil exports from the Shaikan field.

Gulf Keystone announced an incoming $15 million from the KRG for the month of November, bringing payments from the government in 2015 to total of $298 million. The Shaikan field produced an average of 30,000 – 34,000 barrels of oil per day in November.

KRG is experiencing payment trouble with a recent $1.98-billion pay order from the London Court of International Arbitration to settle outstanding oil export debts to the Pearl consortium, led by the UAE’s Dana Gas, in addition to another $378 million owed to UK-based operator Genel Energy.

Despite export rates of 500,000 barrels of oil per day in 2015, the Kurdistan Region of Iraq is experiencing financial woes as it scrambles to support the fight with Islamic State militants and cope with an influx of refugees, with those entering the region from Anbar, Iraq’s largest governorate, reaching a total of 1.7 million in May 2015.

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