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 has announced that Sir Graham Hearne has indicated his intention to retire from the Board of Genel Energy at the 2016 AGM. In addition Genel Energy has today appointed Simon Lockett as an independent non-executive director with immediate effect. He will also become a member of the Remuneration and HSSE Committees of the […]
The Iraq Britain Business Council (IBBC) in conjunction with the Federation of Chambers of Commerce in the Kurdistan Region of Iraq are hosting a one-day London Business Forum to exchange information on business opportunities in Kurdistan and the United Kingdom. The event will be held on the 20th January 2016 at The English-Speaking Union, Dartmouth […]
DNO ASA, the Norwegian oil and gas operator, today confirmed receipt of USD 30 million as partial payment towards oil exported from the Tawke field by the Kurdistan Regional Government. The payment, to be shared pro-rata with Tawke license partner Genel Energy plc, is the fourth such monthly payment since September 2015. (Source: DNO)
By John Lee. Genel Energy has announced that the Taq Taq field partners have received a gross payment of $30 million from the Kurdistan Regional Government ('KRG') for oil exported through the Kurdistan Region of Iraq-Turkey pipeline. This represents the fourth export payment by the KRG since payments recommenced in September 2015. Genel's share of […]
By John Lee. DNO ASA, the Norwegian oil and gas operator, today confirmed receipt of USD 30 million to be shared pro-rata with its partner Genel Energy plc as a partial payment towards oil exported from the Tawke field by the Kurdistan Regional Government. The payment is the third such monthly payment received in 2015. […]
By John Lee. The Chairman of Genel Energy has said that the KRG will begin exporting natural gas to Turkey within two or three years. Tony Hayward (pictured) told the Atlantic Council conference in Istanbul that 20 billion cubic metres will hit the Turkish market by 2020, with KRG Natural Resources Minister Ashti Hawrami saying […]
By John Lee. Genel Energy has announced the sale of a 20 percent participating interest in the Chia Surkh Production Sharing Contract ('PSC') to Petoil Inc. As consideration for the sale of the 20% interest, Petoil will carry Genel's share of the costs associated with the Chia Surkh-12 ('CS-12') appraisal well. The total cost of […]
Genel Energy issues the following trading and operations update. The information contained herein has not been audited and may be subject to further review. Murat Özgül (pictured), Chief Executive of Genel, said: "The third quarter of 2015 has been a turning point for Genel. September's payment for exports, coupled with local sales, has stabilised the […]
Genel Energy has announced that company President Mehmet Sepil (pictured) has retired with immediate effect. Mehmet Sepil founded Genel Energy and was CEO from 2002 until the merger with Vallares PLC in 2011, when he became President of the Company. Tony Hayward, Chairman of Genel, said: "The history of the Kurdistan Region of Iraq's oil […]
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 […]
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 […]
