Receipt of payment for Shaikan crude oil exports
MOL Plc. hereby informs the capital market participants, in line with the announcement of our partner, Gulf Keystone Petroleum Limited (GKP), that an initial payment of USD 15mn gross has been collected by GKP. It followed the recent statement by the Ministry of Natural Resources of the Kurdistan Regional Government regarding payment to producers for crude oil exports. Revenue settlement between MOL Group and GKP will take place in accordance with the terms of the Production Sharing Agreement (PSA).
Alexander Dodds, Group Executive Vice President for Upstream commented:
“We are extremely pleased to see this payment and we are fully confident that the KRG is about to establish a pattern of regular payments for export crude sales in-line with their recent announcement. We continue to concentrate all of our efforts to maximize production both from the Akri-Bijeel and the Shaikan blocks in order to support the KRG to meet its ambitious export targets.”