Tag Archives | Genel Energy

Oilserv Wins Contract at Sarta Oilfield

By John Lee. Genel Energy has confirmed that Chevron Sarta, as operator of the Sarta field (Genel 30% working interest), has signed a contract with Dubai-based OILSERV for the construction, installation, operation and maintenance of a 20,000 bopd central processing facility (‘CPF’). OILSERV has been contracted for the facility through a lease agreement. The commissioning […]

Genel Energy declares maiden Interim Dividend

Genel Energy has announced its unaudited results for the six months ended 30 June 2019. Bill Higgs (pictured), Chief Executive of Genel, said: “These results demonstrate the continued success of our strategy -highly cash generative productionunderpins capital investment in growth opportunities that deliver rapid returns and enables a compelling cash return to shareholders through our […]

Production at Tawke and Peshkabir up 20%

By John Lee. DNO ASA, the Norwegian oil and gas operator, today announced what it described as solid first half 2019 financial and operating results as the company continued to deliver the largest drilling program in its 48-year history: “H1 2019 revenue totalled USD 470 million, up 62 percent from the same period last year, […]

Stephen Whyte to step down at Genel Energy

Stephen Whyte, Chairman of Genel Energy, gave the following update on the business at the Company’s Annual General Meeting, held in London on Thursday: Genel had a very successful 2018, with free cash flow generation of $164 million even while making significant investment in growth. 2019 has seen us continue this success. We are delivering […]

Peshkabir has generated $1bn, 4x Total Spend

DNO, as operator of the Tawke field in Iraqi Kurdistan, has today issued an update on licence activity. Gross production from the Tawke licence, containing the Tawke and Peshkabir fields, averaged 126,759 bopd during the first quarter of 2019. Tawke production currently averages c.73,000 bopd, and Peshkabir c.54,000 bopd. There is an active 2019 drilling […]

DNO to spend $250m in Kurdistan this year

DNO ASA, the Norwegian oil and gas operator, today reported USD 35 million in first quarter 2019 operating revenues from its newly acquired North Sea assets, bringing the total quarterly figure across the portfolio to USD 204 million. The Company generated a net profit of USD 51 million and exited the quarter with a cash […]

Genel Pauses Bina Bawi Plans; Numis Upgrades

By John Lee. Genel Energy has announced that it “will only proceed with significant investment in Bina Bawi once an agreement is reached on a commercial framework that provides a clear route to monetisation.” In a statement, the company said: “As previously announced, the deadline to meet the conditions precedent relating to the Bina Bawi […]

New Oil Well Enters Production at Taq Taq

By John Lee. Share in Genel Energy closed Thursday up 2.75% after the company announced an update on activity at the Taq Taq field (Genel 44% working interest), as testing of the TT-20z well has now been completed. In a statement, the company said the well has entered production at an initial rate of 2,000 […]

Genel Energy names New CEO

Genel Energy has announced the appointment of Dr. Bill Higgs as Chief Executive Officer, and as a member of the Board of Directors, with immediate effect. Esa Ikaheimonen, Chief Financial Officer, has also been appointed to the Board. Dr. Higgs joined Genel as Chief Operating Officer in October 2017, and has since led on the […]

More details of Genel Energy Dividend

Genel Energy has announced that, at the bondholder meeting held today, the Company’s proposal was adopted and the waiver of the dividend restriction in 2019 has been confirmed. With respect to the 2018 financial year, a year in which free cash flow totalled $164 million, the Board has accordingly recommended a final dividend of 10¢ per […]

Genel Energy Shares dip following Results

By John Lee. Shares in Genel Energy were trading down four percent on Wednesday morning after the company announced its audited results for the year ended 31 December 2018, in which it wrote down its Miran asset by $424 million. Despite this, Genel says it can now initiate “a material and sustainable dividend policy“, with […]

Genel Energy completes Acquisition of Chevron Fields

By John Lee. Genel Energy has announced that approval has been given by the Kurdistan Regional Government (KRG) regarding the acquisition of stakes from Chevron in the Sarta and Qara Dagh (pictured) blocks, in the Kurdistan Region of Iraq. According to a statement from the company, the acquisitions have now closed and Genel therefore has […]