LONDON, Feb 19 (Reuters) - Gulf Keystone Petroleum said on Friday the Kurdistan Regional Government (KRG) hadauthorised a net payment of $12 million to the company for crudeexports.
The transaction, which is yet to complete, is part of theKRG's strategy announced this month to start paying oilcompanies according to the terms of their contracts, instead ofad hoc payments it had been making since last September.
GKP said the expected gross $15 million payment included$5.8 million the company was entitled to for crude oil exportsfrom the Shaikan oilfield in January. The remaining $9.2 millionrelated to the repayment of arrears for previous exports, GKPsaid.
Analysts at Mirabaud Securities said the payment coveringarrears was generous in comparison with payments made to otherproducers Genel and DNO.
"We are pleased to continue receiving regular monthlypayments for Shaikan crude oil exports in 2016," GKP ChiefExecutive Jon Ferrier said in a statement.
Since last June, the Kurds have ramped up independent oilsales to more than 600,000 barrels per day (bpd), but with abloated public payroll and depressed prices, the region isrunning a deficit of $380-400 million per month.
The KRG still owes oil companies billions of dollars for oilexports. (Reporting by Karolin Schaps; editing by Susan Thomas)