Genel Energy Reports Peak Production of 100,000 Barrels Per Day

Luke Coleman
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ERBIL – Genel Energy has reported average production of 88,800 barrels of oil per day (bpd) for the first six months of 2015, with peaks of over 100,000bpd. The figures represent a 41% increase on the first six months of 2014.

 

With flows at 95,600 bpd for May and June, newly appointed company chairman Tony Hayward put guide levels for the year at between 90,000 and 100,000 bpd. Factoring a price of $50 per barrel, Genel project revenue of $350m – $400m for 2015.

 

“Production has grown rapidly in the first half of the year. This increase has been integral in helping the Kurdistan Regional Government achieve its export goals, and the KRG is firmly committed to ensuring companies are paid in full for their production,” Hayward said.

“Over 600,000 bpd of exports are now flowing to Ceyhan and, as distribution of the resulting revenues stabilises, the KRG is moving towards a financial position from which to make export payments to contractors.”

Genel Energy works in the Taq Taq and Tawke fields.

Genel is waiting on a payment of $400 million from the Kurdistan Regional Government, and has had to suspend exploration activities this year as a result.

source: BasNews

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