Anglo-Turkish oil company Genel Energy says it is optimistic of continued payments from the Kurdistan Regional Government (KRG) for its oil in 2017.

The firm said it had received $207m (£166m) in cash proceeds in the 2016 calendar year, falling within its guidance range of $200m to $230m.

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Net production averaged 53,300 barrels per day.

The majority of the oil extracted by Genel in Kurdish Iraq is transported through a pipeline to the city of Ceyhan in southern Turkey and then exported globally.

Chief executive Murat Ozgul said: "2016 was a major step forward for the monetisation of oil exports from the Kurdistan Region of Iraq.

"We received $207 million in cash proceeds for oil sales and receivable recovery. These payments in turn allowed for work programmes to resume at Taq Taq and Tawke.

"The KRG has confirmed that payments will continue, allowing us to plan with confidence for 2017."

Genel set a production guidance of 35,000 to 43,000 barrels per day for the 2017 calendar year.