Tag Archives | Genel Energy

DNO Strikes Oil at Peshkabir

DNO ASA, the Norwegian oil and gas operator, has announced that the Peshkabir-2 well currently drilling in the Kurdistan region of Iraq has discovered oil in the Cretaceous horizon in the southern flank of the Peshkabir field. The well flowed at a stable rate of 3,800 barrels of 28° API oil per day on a […]

Hawrami Defends KRG Treatment of IOCs

By Padraig O’Hannelly. The Kurdistan Regional Government’s Minister of Natural Resources, Dr Ashti Hawrami (pictured), has defended the KRG’s treatment of oil companies in the Region. This follows criticism by the head of Norwegian oil and gas operator DNO, which operates the Tawke block, at CWC Group’s Kurdistan-Iraq Oil & Gas Conference in London. Executive […]

Former BG boss to take over from Hayward at Genel?

By John Lee. Sky News has learnt that the former head of BG Group, Chris Finlayson, is being lined up to take over from Tony Hayward as Chairman of Genel Energy‎. An appointment is unlikely to be finalised until sometime in the new year, and Genel is also considering other candidates for the role, according to […]

Further Payment Received for Tawke Oil Exports

DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 31.33 million from the Kurdistan Regional Government as payment towards August crude oil deliveries to the export market from the Tawke field. The funds, to be shared pro-rata by DNO and partner Genel Energy plc, include USD 26.27 million toward the monthly […]

Genel Energy Shares near All-time Low

By John Lee. Shares in Genel Energy were trading near their all-time low on Thursday, as markets reacted to the company’s warning on Wednesday that “2016 revenue is expected to be at the lower end of the previously communicated $200-230 million guidance range“. It also said that production levels for the year would come in […]

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 […]

New Production Wells at Tawke Oil Field

By John Lee. Norwegian oil and gas operator DNO has announced the completion of three new production wells at the Tawke field in the Kurdistan region of Iraq, as part of a stepped up drilling program kicked off in July 2016. The Tawke-31 well, targeting the main Cretaceous reservoir will be brought on production following […]

Genel Chairman, Tony Hayward, to Step Down next year

By John Lee. Fox Business reports that Tony Hayward, the former BP boss, is set to step down next year as chairman of Genel Energy. The company, which he founded in 2011 with financier Nat Rothschild, has become the biggest oil and gas producer in Iraqi Kurdistan. A company spokesman said that no decision has […]

Genel Energy receives Payment for July Sales

By John Lee. Genel Energy has announced that the Taq Taq field partners have received a gross payment of $23.37 million from the Kurdistan Regional Government (‘KRG’) for oil sales during July 2016. Genel’s net share of the payment is $12.85 million. The payment reflects full settlement of the invoiced amount for July 2016 oil […]

DNO, Genel Receive Payment for Tawke Deliveries

DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 30 million from the Kurdistan Regional Government as partial payment to DNO and partner Genel Energy for June crude oil deliveries to the export market from the Tawke field. The total invoiced amount for June is USD 38.41 million, of which USD […]

Genel Energy Shares Fall on Weaker Outlook

By John Lee. Shares in Genel Energy fell 11 percent to 91.5p on Thursday after the company cut its revenue projection for the year. Meanwhile, Numis Securities maintained a ‘buy’ recommendation for the shares, with a target of 210p. Murat Özgül (pictured), Chief Executive of Genel, said: “The receipt of nine consecutive monthly payments from […]

Genel Energy Receives Full Payment for June

Genel Energy has announced that the Taq Taq field partners have received a gross payment of $24.91 million from the Kurdistan Regional Government for oil sales during June 2016. Genel’s net share of the payment is $13.70 million. The payment reflects full settlement of the invoiced amount for June 2016 oil sales, and incorporates $20.82 […]