Arabic | Kurdish



Genel Energy on course to reach output targets in Kurdistan Region: Chairman

2018/05/17 | 21:55

(Iraq Now News)- ERBIL (Kurdistan 24) – Britain’s Genel Energy Plc on Thursday said it is on course to reach its output target in the Kurdistan Region, noting that its cash reserves have seen an increase of 28 percent since the end of 2017.

In a statement by Chairman Stephen Whyte, Genel said it predicts it would double its year to date output and reach 30,000 barrels of oil per day (bpd) “by the summer.”

“The first three of the six wells planned at Peshkabir have progressed on time and on budget,” Genel Chairman Whyte said in the statement.

“The Peshkabir-4 well is set to begin testing imminently, Peshkabir-5 has reached target depth and will be testing shortly, and Peshkabir-6 is drilling ahead,” he added.

The British-based energy firm also operates at the Kurdistan Region’s Taq Taq field where it said its current gross production is approximately 13,000 bpd, compared to the 14,000 bpd recorded in the second half of last year.

The company said it has plans for further drilling in the second half of 2018.

At its Tawke field, Genel brought the Tawke-48 well on stream last month at over 5,000 bpd, and will develop additional wells this year, Reuters reported.

The company also posted an improved cash balance, noting its increase to USD 208 million was a result of “a reduction in net debt.”

In January, Genel announced a “significant upgrade” to gas resources for two oilfields in the Kurdistan Region, the Bina Bawi and Miran West fields.

The oil firm said gas resources at the two fields had roughly increased by 40 percent, adding it expected that “a percentage of the contingent raw gas resources [at the fields] will be converted to reserves.”

“Genel believes the development of the world-class fields is set to unlock significant value for both the company and the Kurdistan Regional Government (KRG),” it said.

Note: The post (Genel Energy on course to reach output targets in Kurdistan Region: Chairman) appeared first on (Kurdistan 24) and do not necessarily reflect the position of IraqNow.news.
You can read the original text from the source (Kurdistan 24).










Trending Now


⋙ Movie shown in Erbil aims to shed light on Kurdish deminers

⋙ Noel Gallagher Stops Watching ‘Boring‘ X Factor

⋙ Is Nicki Minaj Going to Perform at MTV Europe Music Awards?

⋙ Dianne Buswell Breaks up With Anthony Quinlan

⋙ Kidney swap unites Turkish, Iraqi families

Videos - Photos

⋙ Turkish FM denies giving Khashoggi case recordings to US officials (video)

⋙ Syrian security forces graduate hundreds of new personnel (video)

⋙ Palestinian photojournalist Mahmud Hams wins award for Gaza protest image


ISIS News

⋙ Turkish FM denies giving Khashoggi case recordings to US officials (video)

⋙ Syrian security forces graduate hundreds of new personnel (video)

⋙ ISIS take 700 hostages in US-controlled Syria – Putin

⋙ Syrian Army unleashes powerful assault against ISIS terrorists in southern Syria (video)

⋙ Return of unusual Sufi ceremonies banned under ISIS

⋙ Saudi royal family ‘discussing succession‘ over Khashoggi crisis

⋙ Brisbane priest witnesses the Church and people of Iraq rebuilding after ISIS devastated their country