By John Lee. The Kurdistan Regional Government (KRG) has responded to the statement on Friday by Genel Energy regarding the production-sharing contracts (PSCs) at Bina Bawi and Miran. The KRG strongly denies that it is in repudiatory breach of the PSCs, and denies that Genel is entitled to any compensation. It adds that it will […]
Shares in Genel Energy opened down more than five percent on Friday morning, before recovering some ground, after the company said it will claim compensation from the Kurdistan Regional Government (KRG). It says the claims, which relate to KRG's intention to terminate the Bina Bawi and Miran production sharing contracts (PSCs) are "substantial", and will […]
By John Lee. Shares in Genel Energy fell more than 15 percent in mid-morning trading after the company announced that the Kurdistan Regional Government (KRG) intends to terminate its contracts at Bina Bawi and Miran. In a statement, the company said: "Genel has received notice from the Ministry of Natural Resources of the Kurdistan Regional […]
By John Lee. Genel Energy has announced that it "will only proceed with significant investment in Bina Bawi once an agreement is reached on a commercial framework that provides a clear route to monetisation." In a statement, the company said: "As previously announced, the deadline to meet the conditions precedent relating to the Bina Bawi […]
By John Lee. Shares in Genel Energy were trading down four percent on Wednesday morning after the company announced its audited results for the year ended 31 December 2018, in which it wrote down its Miran asset by $424 million. Despite this, Genel says it can now initiate "a material and sustainable dividend policy", with […]
Genel Energy has announced a return to profit. In its audited results for the year ended 31 December 2017, Murat Özgül (pictured), Chief Executive of Genel, said: "Another year of consistent payments by the KRG and a disciplined capital allocation strategy helped to generate material free cash flow in 2017. This was enhanced in the […]
By John Lee. Genel Energy has announced the completion of competent person's reports ('CPRs') relating to the oil reserves and resources at Taq Taq, Bina Bawi, and Miran. McDaniel and Associates have updated the CPR relating to the Taq Taq field (Genel 44% working interest, joint operator). RPS Energy Consultants Ltd. ('RPS'), as part of […]
Genel Energy has issued a trading and operations update in advance of the Company's full-year 2017 results, which are scheduled for release on 22 March 2018. The information contained herein has not been audited and may be subject to further review. Murat Özgül, Chief Executive of Genel, said: "A strong final quarter of 2017 completed […]
Genel Energy has announce that it has agreed with the Kurdistan Regional Government (KRG) a 12 month extension to the schedule for satisfying the conditions precedent ('CPs') contained within the Gas Lifting Agreements ('GLA's) for the Bina Bawi and Miran fields signed in February 2017. The revised date by which the CPs are to be […]
Genel Energy has announced that RPS Energy Consultants, as part of its work on the updated competent person's reports ('CPRs') for the Bina Bawi and Miran West fields (Genel 100% and operator), has finalised its evaluation of the contingent gas resources at both assets: The RPS evaluation confirms a significant upgrade to the combined 2C […]
By Ahmed Tabaqchali. Originally published by Iraq in Context; re-published by Iraq Business News with permission. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Between February 2017 and mid-October, Rosneft signed a number of deals with the Kurdish Regional Government (KRG) that established for it, […]
Genel Energy has announced that it has finalised documentation of previously agreed terms of Amended and Restated Production Sharing Contracts ('PSC's) and Gas Lifting Agreements ('GLA's) for both the Miran and Bina Bawi gas fields. The Amended and Restated PSCs and GLAs for Miran and Bina Bawi incorporate the commercial terms as announced in the […]
