Gulf Keystone Petroleum is to be paid $15mn by the Kurdistan Regional Government for its crude production from the Shaikan field.
In addition to the monthly entitlement of $5.8mn, a payment of $9.2mn gross is being made towards the recovery of the arrears.
Jón Ferrier, CEO, said: “We are pleased to continue receiving regular monthly payments for Shaikan crude oil exports in 2016, now under the terms of the PSC, as announced by the MNR (Kurdistan’s Ministry of Natural Resources), which we welcome.
“We thank the MNR for their support in a programme which accelerates the recovery of the arrears.”
