Kurdish government’s payments shift hits bullish IOCs

Issue 1126 - 20 May 2021

Just when international oil companies (IOCs) operating in the Kurdistan Region of Iraq were getting used to receiving funds again, giving comfort to shareholders, the Kurdistan Regional Government (KRG) has changed its payment terms without consulting partners – who would like to discuss the issue. Oslo Stock Exchange-listed DNO, London-listed Genel Energy and Gulf Keystone Petroleum (GKP), and TSX Venture Exchange and Nasdaq First North Growth Market-listed ShaMaran Petroleum Corporation were among those who, on 13 May, reported receiving a letter from the KRG proposing amended terms as of the March 2021 production invoice.

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