Genel Energy reports increased cash flow in Kurdistan
ERBIL, Kurdistan Region – With the KRG making regularly payments and oil prices strengthening, Genel Energy is optimistic about their oil and gas operations in the Kurdistan Region, the company’s chairman stated at their annual general meeting in London on Thursday.
“We are now approaching three years of consistent payments from the KRG,” said Stephen Whyte, explaining they have received over $100 million so far in 2018.
With their increased cash reserves, Genel is focusing its on Peshkabir field.
“The first three of the six wells planned at Peshkabir have progressed on time and on budget. 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,” explained Whyte.
Their target is to double output to 30,000 bpd (barrels per day).
Genel is also developing its Tawke field. Tawke-48 well has been producing more than 5,000 bpd since coming onstream in April and the company plans to develop more wells in Tawke this year.
“At Taq Taq, current gross production is just under 13,000 bopd, ahead of the resumption of drilling in the second half of the year,” said Whyte.
Genel is also developing Kurdistan’s Bina Bawi and Miran fields.
“Bina Bawi and Miran retain transformational potential, both in terms of gas and oil. The upstream part of the gas project has been materially de-risked and light oil at Bina Bawi offers an exciting opportunity, the progression of which is a key focus,” said Whyte.
“We are now approaching three years of consistent payments from the KRG,” said Stephen Whyte, explaining they have received over $100 million so far in 2018.
With their increased cash reserves, Genel is focusing its on Peshkabir field.
“The first three of the six wells planned at Peshkabir have progressed on time and on budget. 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,” explained Whyte.
Their target is to double output to 30,000 bpd (barrels per day).
Genel is also developing its Tawke field. Tawke-48 well has been producing more than 5,000 bpd since coming onstream in April and the company plans to develop more wells in Tawke this year.
“At Taq Taq, current gross production is just under 13,000 bopd, ahead of the resumption of drilling in the second half of the year,” said Whyte.
Genel is also developing Kurdistan’s Bina Bawi and Miran fields.
“Bina Bawi and Miran retain transformational potential, both in terms of gas and oil. The upstream part of the gas project has been materially de-risked and light oil at Bina Bawi offers an exciting opportunity, the progression of which is a key focus,” said Whyte.