By John Lee. Singapore-listed KS Energy (KSE) signed a contract recently to supply its KS Discoverer 4 land rig (pictured) to the Taq Taq Operating Company (TTOPCO) in Kurdistan. The rig will be contracted for one year or until the completion of one exploration well and two development wells, whichever is later. TTOPCO has the […]
Genel Energy has said it expects to export oil by pipeline from its fields in Iraqi Kurdistan by 2014. The company's CFO, Julian Metherell (pictured), said: "We can expect by 2014 to be accessing the export markets from our major assets, whether that is through Baghdad controlled infrastructure or through Kurdistan." Genel posted full year revenues […]
Genel Energy plc has announced its preliminary audited results for the year ended 31 December 2012. Highlights Consolidated our position as the leading independent oil and gas producer in the increasingly attractive Kurdistan Region Current production capacity of circa 80,000 bopd (net), with 2012 average net working interest production of 44,500 bopd in line with […]
By John Lee. Genel Energy has announced that closing has taken place on its acquisition of the remaining 49 per cent participating interest in the Miran exploration block in the Kurdistan Region of Iraq. On 12 November 2012, Genel Energy announced that Heritage Oil issued the Exchange Repayment Notice signifying its intention to repay the […]
Genel Energy has issued the following trading and operational update in advance of the Company's 2012 full year results, which are scheduled for release on 28 February 2013. Information contained within this release is un-audited and may be subject to further review. Tony Hayward (pictured), Chief Executive said: "2012 saw a strong production performance and […]
Iraq's State Oil Marketing Organization (SOMO) has issued a statement suggesting it will take legal action against companies exporting crude oil without dealing with the central government, including the confiscation of cargoes and the filing of lawsuits against sellers, buyers and transporters. The statement reads as follows: "In accordance with the provisions of Laws No. […]
By John Lee. Genel Energy has started shipping crude oil directly into Turkey from its Taq Taq oil field (pictured) in Iraqi Kurdistan, two weeks after exports from the region were halted, reports Bloomberg. According to the report, the KRG won’t resume exports through the central government pipeline network until the federal authorities pay the […]
By Padraig O'Hannelly. A year after the withdrawal of US troops, the terrorist attacks in Iraq continue, and the tensions between central government and the Kurdistan Regional Government continue to rise. In the year ahead, we can expect to see further developments in the ongoing battle between Erbil and Baghdad over control of oil contracts […]
By John Lee. DNO International was advised by the Kurdistan Regional Government that a payment of USD 160 million was transferred last night for distribution to the foreign members of the Tawke joint venture in partial payment for past oil exports of oil from the Tawke field in the Kurdistan Region of Iraq. DNO's share […]
By John Lee. Genel Energy has announced that it will take an extra 49 percent of the Miran Block in Iraqi Kurdistan as repayment for a $294 million loan issued in August to Heritage Oil. The company previously acquired a 26 percent working interest in the Miran Block from Heritage on 23 August 2012, taking […]
Genel Energy has issued its Interim Management Statement for the period from 1 July 2012 to 31 October 2012. Highlights 2012 production guidance increased to c45,000 bopd following the resumption of export sales in August. Sales revenue guidance for 2012 remains unchanged at c $250 - 300 million Following the resumption of exports in August, […]
By John Lee. Genel Energy has hosted a Capital Markets Day for analysts and investors in London. Please click here to download the strategy presentation, and here to view the webcast. Tony Hayward (pictured), Chief Executive Officer of Genel Energy, said: "In the Kurdistan Region of Iraq we have doubled the size of our business […]
