KRG promises September payments to IOCs

The Kurdistan Regional Council for Oil & Gas Affairs expects the first tranche of regular payments to be made available to IOCs in the first half of September 2015

One such, Norway’s DNO, calculates it is owed $947m. According to a statement by the natural resources ministry, the council has approved the allocation of $75m-$100m of the revenue from the KRG’s direct crude oil sales as payment on account to the exporting IOCs, to be distributed in broad proportion to the companies contributions.  The statement said also that: “It is further recognized that with the steep fall in the price of oil, it is difficult for the international oil companies to sustain oil export at current levels without receiving some of their financial dues on a predictable basis. Regular payments will allow the exporting companies to cover their ongoing expenses and plan for fu