KRG Pays Oil Investors

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Oil investors in Iraq's autonomous Kurdistan region say they have received payments for February production and also been compensated for missed payments in 2019 and 2020. The recovery in oil prices since last fall appears to have enabled the Kurdistan Regional Government (KRG) to turn a corner and catch up on its payments to producers (IOD Mar.10'21). Norway's DNO reported a $54 million payment on Monday, of which $35.2 million was for February production, with the balance representing catch-up payments. As a result, the amount it is owed has fallen to $239 million from $259 million at the end of 2020. DNO also reported higher production at its Tawke license. Output has been running at 115,500 b/d so far this month, around 5,000 b/d higher than average levels in 2020. DNO's partner at Tawke, Genel Energy, reported a payment of $27.2 million b/d, of which $11.4 million was related to February output from Tawke, $1.9 million to production from its Taq Taq license, $1.9 million for its Sarta field, and the balance representing compensation for missed payments. Canada's Shamaran said it was paid $10.5 million, of which $8.1 million was for February production from its Atrush field.

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