Sunday, December 18, 2016

Oil Ministry makes USD 100 mn payment to smaller IOC - ENTERPRISE

Sunday, 18 December 2016

The Oil Ministry made a USD 100 mn payment to IOCs for overdue receivables, Al Mal reported. The payment was not made to major operators, but to smaller companies, including Circle Oil, TransGlobe Energy, and SDX, a source said. The source noted specifically that Circle Oil got 30% of its total receivables with a payment of USD 12-15 mn. Major players BP, Shell, Eni, and Apache are due a payment soon, the source added. EGPC said it will begin making monthly payments to the IOCs starting from 2017.