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Gulf Keystone Petroleum paid $12 million by Kurdistan

Staff writer |
Gulf Keystone Petroleum received $12 million out of the $15 million paid by the Kurdistan regional government of Iraq for December crude oil exports from the Shaikan field.

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This marks the fourth consecutive gross payment for crude oil exports from the Shaikan field since announcing in August that it would resume back payments for oil exports from the region.

Gulf Keystone is the field operator with a 75% stake while MOL Hungarian Oil and Gas PLC (MOL.BU) has a 20% stake and Texas Keystone Inc. a 5% stake.

Following the payment, the Gulf Keystone's current cash position is $58.4 million.

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