The main IOCs operating in Iraqi Kurdistan finally received (almost) full payment for April crude oil sales this week. The Kurdistan Regional Government (KRG) points to continued payments as evidence of its commitment, and ability, to provide reliable payments, but significant concerns remain that are likely to hold up investment.

Payments to the IOCs were made in two tranches, with both falling outside the KRG’s self-mandated 10 working days after the end of the April timeframe. But...