• Genel is owed a total of $409m
  • Genel has cut its full-year production and revenue forecasts
  • The company has reduced investment due to weak prices and debts owed by the KRG

The Turkish oil company Genel Energy has confirmed it has received its share of a $30m payment made by the Kurdish Regional Government (KRG) for oil from the Taq Taq oilfield in Iraqi Kurdistan.

In a statement released on 20 October Genel said that its share of the gross payment was $16.5m.

Genel is owed a total of $409m by the Kurdistan Regional Government (KRG) according to a statement released by the company on 20 October.

In the statement Genel said that it had cut its full-year production and revenue forecasts after reducing investment.

The company has reduced investment due to weak prices and debts owed by the KRG.

It also said it would not invest in increasing production at its oilfields until the KRG makes regular payments for exports.

The latest payment is part of a second wave of regular payments to exporting international oil companies operating in the autonomous region.

The first tranche of payments was made in the first half of September, when Genel received $24.5m.

Kurdistan has increased independent oil sales over recent months by diverting crude away from Iraq’s State Oil Marketing Organisation (Somo).

This has increased the KRG’s oil revenues and has funded the latest payments to IOCs.

International oil companies are owed around $3bn by Erbil.