As Kurdish exports rise in 2016, additional payments will be made to oil companies to enable them to catch up on dues owed.
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Iraq's northern Kurdish region chose the first half of September to start making regular payments to oil companies including DNO ASA and Genel Energy Plc for crude exported from the semi-autonomous area.The Kurds decided Aug. 3 to begin monthly payments in September, without being more specific.Kurdish crude exports will rise 100,000 barrels a day to 650,000 barrels by the end of the year, KRG spokesman Safeen Dizayee said in an Aug. 25 interview. Overseas shipments may rise to 1 million barrels a day if the KRG can resolve debts owed to the oil companies. Iraq's minority Kurds, who historically have resisted control by the central government in Baghdad, are independently developing oil reserves they say may total 45 billion barrels.
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