Genel Energy has said it expects to export oil by pipeline from its fields in Iraqi Kurdistan by 2014.
The company’s CFO, Julian Metherell (pictured), said:
“We can expect by 2014 to be accessing the export markets from our major assets, whether that is through Baghdad controlled infrastructure or through Kurdistan.“
Genel posted full year revenues of USD 333.4 million in line with its forecasts, on production which averaged 44,500 barrels per day in 2012 and said it will start exploring for oil deeper in Kurdistan and in Morocco later this year.
Production this year is expected to come in at between 45,000 barrels per day and 55,000 barrels per day, with revenues in the region of $300 million to $400 million.