In a statement on Thursday the company told investors it had received US$15mln, US$12mln net, for crude sales from the Shaikan field in the month of June.
It follows rising political uncertainty in the wake of an unrecognised referendum in Iraqi Kurdistan.
WH Ireland analyst Brendan Long said: “the first payment to GKP following the KRG independence vote is noteworthy.
“Given the seeming withdrawal of support from key OECD countries at such a critical time we are relieved the KRG are making payments and ask ourselves what is the benefit for the KRG of making these payments?
“Possibly it is to establish a good payment track record for the purposes of gaining Russian support.
“The cash is certainly of increased value to the KRG in the face of potential hostilities with each of its neighbours. We suggest keeping a very close watch on this fast moving situation.”