KRG Pays Monthly Payments to Oil Producers in Kurdistan

09/11/2017 - 18:43 Published in Economy


ERBIL — The Kurdistan Region has paid its monthly payments to oil producers working in the region worth about $100 million, despite a sharp drop in the crude oil price and the political crisis facing the region.

A source close to Kurdistan Regional Government told Reuters that the full monthly payments owed to companies such as Genel Enerrgy, DNO, Gulf Keystone, Gazprom and TAQA were paid.

Oil exports from the region declined from 600,000 barrels per day (bpd) to around 220,000 barrels per day (bpd) after the Iraqi forces took control of some key fields in the disputed areas.

The military assault in Kurdistan Region’s disputed territories led to a drop in the production of oil and uncertainty about the fields located in those areas.