Genel Energy PLC receives October oil payments


() has confirmed the latest batch of oil payments from the Kurdistan Regional Government.

In a statement, Genel noted that the Tawke partners received US$32.8mln gross for oil sales made in October which sees the company’s net share at US$8.1mln.

READ: Genel celebrates ‘first oil’ at Sarta field

The Taq Taq field partners received US$4mln, giving Genel US$2.2mln net.

Genel’s production base was boosted in November with ‘first oil’ at the Sarta field, where the company has a 30% stake alongside Chevron.

One well was connected to the Sarta early production facility, and, a second well is slated to be hooked up this month before coming online in January.

Genel recently said it expects the Sarta field will achieve stable production levels during the first quarter of 2021.

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