Genel Energy has announced its unaudited results for the six months ended 30 June 2019. Bill Higgs (pictured), Chief Executive of Genel, said: "These results demonstrate the continued success of our strategy -highly cash generative productionunderpins capital investment in growth opportunities that deliver rapid returns and enables a compelling cash return to shareholders through our […]
Stephen Whyte, Chairman of Genel Energy, gave the following update on the business at the Company's Annual General Meeting, held in London on Thursday: Genel had a very successful 2018, with free cash flow generation of $164 million even while making significant investment in growth. 2019 has seen us continue this success. We are delivering […]
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 […]
By John Lee. Genel Energy has announced that approval has been given by the Kurdistan Regional Government (KRG) regarding the acquisition of stakes from Chevron in the Sarta and Qara Dagh (pictured) blocks, in the Kurdistan Region of Iraq. According to a statement from the company, the acquisitions have now closed and Genel therefore has […]
Shares in Genel Energy were trading up 6 percent on Monday afternoon after the company announced that it has reached agreement to acquire stakes in the Chevron-operated Sarta and Qara Dagh blocks (pictured), in the Kurdistan Region of Iraq. Genel will acquire 30% equity in the Sarta licence by paying a 50% share of ongoing […]
By John Lee. Chevron has reportedly announced that it had resumed drilling operations at the Sarta-3 well in Iraqi Kurdistan. The US company temporarily suspended operations in October following the controversial independence referendum, which increased tensions between Baghdad and Erbil. According to Kurdistan 24, it currently operates and holds an 80-percent contractor interest in two […]
By John Lee. US-based Chevron plans to resume drilling at the Sarta 3 block in Iraqi Kurdistan. According to a report from Bloomberg, the company had temporarily halted exploration work in October after the Kurds voted in favour of independence. Chevron acquired Reliance Exploration & Production DMCC's 80 percent interest and operatorship of the production sharing contracts […]
By John Lee. Chevron has become the latest member of the Iraq Britain Business Council (IBBC), joining 57 other world- and region-leading organisations that form IBBC’s membership. The company operates and has an 80 percent interest in the Sarta production-sharing contract (PSC) and the Qara Dagh PSC (pictured). The two blocks cover a combined area […]
By John Lee. While describing its activities in Iraq as 'muted', oil services company Schlumberger gave details of two projects in the country in its Second-Quarter 2015 Results. Italy's ENI awarded the company a three-year integrated well construction contract which covers the drilling of 30 wells and includes the provision of land drilling rigs, directional […]
By John Lee. Two oil executives in the Kurdistan Region have told Reuters that Chevron is purchasing 80 percent of the Sarta and Rovi blocks from India's Reliance Industries. Austria's OMV holds the other 20 percent interest in Sarta/Rovi. Chevron reportedly declined to comment on Wednesday, saying that it continued to be interested in pursuing […]
