Tag Archives | Taq Taq

KRG Makes Payments for July Oil Exports

Genel Energy has announced that the Taq Taq field partners have received a gross payment of $10.39 million from the Kurdistan Regional Government for oil sales during July 2017. Genel’s net share of the payment is $5.71 million. Gross oil sales from the Taq Taq field in July 2017 averaged 14,873 bopd, including both exports […]

Taq Taq September Production Below Average

By John Lee. Genel Energy has announced that production at its Taq Taq field in Iraqi Kurdistan, in which it has a 44 percent working interest, averaged 13,475 barrels per day in September. This is considerably below the 2017 year-to-date average of 19,398 barrels per day. (Source: Genel Energy)

Genel Energy Confirms Latest Oil Payments

By John Lee. Genel Energy has announced that the Taq Taq field partners have received a gross payment of $10.22 million from the Kurdistan Regional Government for oil sales during June 2017. Genel’s net share of the payment is $5.62 million. Gross oil sales from the Taq Taq field (pictured) in June 2017 averaged 15,863 […]

DNO Shares Continue to Rise

By John Lee. Shares in Norway’s DNO continued to rise on Friday, following yesterday’s announcement of a “landmark settlement of outstanding receivables ” with the Kurdistan Regional Government (KRG). At market close on Friday, the shares had gained 13.8 percent on the day, and 35 percent since Thursday morning. However, DNO’s partner in Iraqi Kurdistan, […]

Genel Shares Rise on KRG Deal

Genel Energy has announced a definitive agreement with the Kurdistan Regional Government (KRG) relating to unpaid entitlements for past oil sales from the Taq Taq and Tawke fields. The company’s shares were trading up 7 percent on Thursday morning. Cash flow is expected to be materially enhanced over the course of the agreement, delivering significant […]

DNO and Genel report Payment for Oil Exports

By John Lee. Norway’s DNO has reported receipt of $40.66 million from the Kurdistan Regional Government (KRG) as payment towards April 2017 crude oil deliveries to the export market from the Tawke license. The funds, to be shared pro-rata by DNO and partner Genel Energy, include $34.10 million towards monthly deliveries and $6.56 million towards […]

Genel Energy Receives Payment for Exports

Genel Energy has announced that the Taq Taq field partners have received a gross payment of $15.24 million from the Kurdistan Regional Government (‘KRG’) for oil sales during March 2017. Genel’s net share of the payment is $8.38 million. The payment reflects full settlement of the invoiced amount for March 2017 oil sales, and incorporates […]

Genel Energy: Taq Taq rate of decline slows

Tony Hayward (pictured), Chairman of Genel Energy, has given an update on the business at the Company’s Annual General Meeting this morning: Genel has a clear strategic focus – maximising the generation of free cash flow from our oil assets, accelerating the recovery of the receivable for unpaid oil sales, and crystallising value from the […]

Genel Shares Dive on Taq Taq Reserves Writedown

Shares in Genel Energy closed down 14 percent on Tuesday after the company announced a $181-million writedown in the value of its flagship Taq Taq oilfield in Iraqi Kurdistan, in which it has a 44-percent working interest. In a statement, the company said: As previously stated, the Company commissioned an updated Competent Person’s Report (‘CPR’) […]

Payments Received for Tawke and Taq Taq Oil Exports

By John Lee. DNO ASA, the operator of the Tawke field, and its partner Genel Energy, have announced that they have received a payment of $35.45 million from the Kurdistan Regional Government (KRG) as payment towards November 2016 crude oil deliveries to the export market from the Tawke field. The payment reflects full settlement of […]

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 completes 3rd Well at Taq Taq

Genel Energy has issued the following update in respect of the Taq Taq field (Genel 44% working interest): The third and final well of the 2016 Taq Taq drilling programme, TT-16y, has been successfully drilled and completed in the main Shiranish reservoir. The well is naturally flowing at c.8,000 bopd. Gross Taq Taq production is […]