Tag Archives | Bina Bawi

Bina Bawi and Miran West gas resource update

Genel Energy has announced that RPS Energy Consultants, as part of its work on the updated competent person’s reports (‘CPRs’) for the Bina Bawi and Miran West fields (Genel 100% and operator), has finalised its evaluation of the contingent gas resources at both assets: The RPS evaluation confirms a significant upgrade to the combined 2C […]

Rosneft in the Kurdish Region: Moscow’s Balancing Act

By Ahmed Tabaqchali. Originally published by Iraq in Context; re-published by Iraq Business News with permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Between February 2017 and mid-October, Rosneft signed a number of deals with the Kurdish Regional Government (KRG) that established for it, […]

Genel Energy Updates on Miran and Bina Bawi Fields

Genel Energy has announced that it has finalised documentation of previously agreed terms of Amended and Restated Production Sharing Contracts (‘PSC’s) and Gas Lifting Agreements (‘GLA’s) for both the Miran and Bina Bawi gas fields. The Amended and Restated PSCs and GLAs for Miran and Bina Bawi incorporate the commercial terms as announced in the […]

Genel Energy Shares Slide on Lower Production Forecast

By John Lee. Genel Energy has issued the following trading and operations update in advance of the Company’s full-year 2016 results, which are scheduled for release on 30 March 2017. In the statement (see below), the company said it expects a significant drop in production in 2017. Share were trading down 11 percent on Tuesday. […]

Genel Energy Trading and Operations Update

Genel Energy plc issues the following trading and operations update in respect of Q3 2016. The information contained herein has not been audited and may be subject to further review. Murat Özgül (pictured), Chief Executive of Genel, said: “Genel has received $163 million in cash proceeds during 2016, underpinning the drilling of successful production wells […]

Genel Reports on Payments to Governments

Genel Energy has set out details of the payments made to governments for the year ended 31 December 2015, as required under the Disclosure and Transparency Rules of the UK Financial Conduct Authority. The DTRs require companies in the UK and operating in the extractive sector to publicly disclose payments made to governments in the […]

Genel Energy Outlines 2016 Plans

By John Lee. In its trading update this morning, Genel Energy gave the following plans for its operations in Iraqi Kurdistan: The majority of planned activity and capital expenditure in the KRI is discretionary, which confers significant flexibility. The Company will leverage this flexibility and match activity to the level of cash proceeds received from […]

Genel Energy Confirms Bina Bawi Acquisition

By John Lee. Genel Energy has announced that it signed a definitive sale and purchase agreement with OMV to acquire its 36% operated stake in the Bina Bawi field. Completion of the acquisition is subject only to government approval, which is expected shortly. The consideration comprises an upfront payment of $5 million. A contingent payment […]

Genel Energy Shares Fall on Results

Shares in Genel Energy were trading down 6 percent on Thursday morning, following the company’s announcement that revenues for the 6 months to 30 June 2015 were slightly below analysts expectations. The shares are still up about 10 percent since the KRG announcement that it had put payment plans in place. Highlights Our operations in […]

Genel gives Update on Trading and Ops

By John Lee. Genel Energy has issued the following trading and operations update in advance of the Company’s half-year 2015 results, which are scheduled for release on 6 August 2015. Tony Hayward, newly-appointed Chairman of Genel, said: “Production has grown rapidly in the first half of the year, increasing 41% year on year, with operational […]

Genel Energy Down 3% on Trading Update

Shares in Genel Energy were down 3 percent on Wednesday morning following the company’s trading and operations update in advance of the its full-year 2014 results, which are scheduled for release on 5 March 2015. The information contained herein has not been audited and may be subject to further review: HIGHLIGHTS A combination of low […]

Genel Energy Strikes New Deals in KRI

Genel Energy has announced that it has reached an agreement with the Ministry of Natural Resources (“MNR”) of the Kurdistan Regional Government (“KRG”) for the development of the Miran and Bina Bawi gas fields. In addition, Genel has agreed key terms with OMV to acquire its 36% operated stake in the Bina Bawi gas field. […]