By John Lee. The Federal Ministry of Oil has confirmed the completion of procedures for resuming the export of oil produced in the Kurdistan Region through Ceyhan Port (pictured), in accordance with the mechanisms outlined in the Budget Law and its amendments and within Iraq's OPEC production quota. In a statement on Saturday, the Ministry […]
By John Lee. The Council of Ministers of the Kurdistan Regional Government (KRG) has instructed the Ministry of Natural Resources (MNR) to maintain coordination with the federal Ministry of Oil, State oil Marketing Organization (SOMO), and oil-producing companies in the region to ensure the swift resumption of Kurdistan Region's oil exports through SOMO, with the […]
By John Lee. The Iraqi Parliament has voted to approve the first amendment to the Federal Budget Law (No. 13 of 2023) for the fiscal years 2023, 2024, and 2025. Proposed by the Finance Committee, the amendment aims to appoint an international technical advisory firm to assess fair production and transportation costs for oil fields […]
Genel Energy issued the following trading and operations update in advance of the Company's full-year 2024 results, which are scheduled for release on 18 March 2025. The information contained herein has not been audited and may be subject to further review. Paul Weir, Chief Executive of Genel, said: "We start 2025 with a business that […]
By John Lee. The Kurdistan Regional Government (KRG) has issued a statement following its arbitration win in a dispute with Genel Energy. Genel announced last week that a British court had dismissed its claim for damages from KRG for loss of Genel's rights to develop the Bina Bawi and Miran fields in Iraqi Kurdistan. According […]
By John Lee. Genel Energy has announced that a British court has dismissed its claim for damages from the Kurdistan Regional Government (KRG) for loss of Genel's rights to develop the Bina Bawi and Miran fields in Iraqi Kurdistan. In a statement made after the close of trading in London on Monday, the company said […]
By John Lee. Iraq's Minister of Oil, Hayan Abdul-Ghani, has met with members of the Parliamentary Finance Committee, led by Chairman Atwan Al-Atwani, to discuss resuming oil exports from the Kurdistan region via the Iraq-Turkey Pipeline (ITP) and the Turkish port of Ceyhan. The meeting focused on strengthening cooperation between the Ministry of Oil and […]
By John Lee. Shares in Genel Energy closed up over 6 percent on Tuesday, after the company said it, "continued optimising cash flows, evolving our capital structure and originating and maturing opportunities to acquire new assets that add reserves and diversify our cash generation geographically." In its trading and operations update for the third quarter […]
By John Lee. On Thursday, DNO, the Norwegian oil and gas operator, reported a 24-percent increase in revenue to USD 170 million in the third quarter of 2024, with operating profit also higher at USD 31 million, up from an operating loss of USD 3 million in the previous quarter. Regarding operations in the Kurdistan […]
By John Lee. The Iraqi Cabinet has approved an amendment to the Budget Law, compensating the Kurdistan Regional Government (KRG) for production and transportation costs of oil produced in the region and received by the State Oil Marketing Organization (SOMO) or the Federal Ministry of Oil. It said the Federal Ministry of Finance will compensate […]
By John Lee. Genel Energy has announced the appointment of Sir Dominick Chilcott as an Independent Non-Executive Director, with effect from 1 September 2024. According to a statement from the company, Sir Dominick brings a wealth of expertise from his distinguished career as a diplomat over four decades at the UK's Foreign and Commonwealth Office. […]
By John Lee. Genel Energy has announced that domestic sales demand from the Tawke field has "shown resilient consistency in the past 6 months." The company also announced a bond buyback. In its unaudited results for the six-month period ended 30 June 2024, Paul Weir, Chief Executive of Genel, said: "We have continued to progress […]
