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UK's Genel Energy H1 output rises 17% as 8 wells completed

Increase font size  Decrease font size Date:2019-08-08   Views:72
London-based Genel Energy plc, which has operations in the Kurdish region of northern Iraq, said Tuesday its production rose 17% year on year in the first half of this year.

Output averaged 37,400 b/d, compared with 32,100 b/d in 1H last year, Genel said in a statement on its website. The company says it's the largest holder of reserves and resources in the Kurdish region, with production at Taq Taq and Tawke. Eight wells were completed in 1H 2019, resulting in year-on-year production gains at both Tawke and Taq Taq, it said. Further drilling in 2019 means Genel is looking for about a 10% increase in net production for this year.
Genel has started work on an enhanced oil recovery program, which will pipe gas from the Peshkabir license into the Tawke reservoir for injection, eliminating flaring.

In February this year, Genel received approval to buy stakes in Chevron's oil blocks in the Kurdish region, leaving Genel with 30% of the Sarta PSC and 40% equity and operator rights in the Qara Dagh PSC.

Civil engineering work on Sarta started in May and production remains on track to start in mid-2020. The QD-2 well will spud in the first half of 2020.

Negotiations remain ongoing between Genel and the Kurdistan Regional Government on developing Bina Bawi, Genel said.

Elsewhere, Genel is undertaking a farm-out process on its Somaliland acreage, which is to begin in the third quarter of 2019. Genel will also initiate a farm-out process for its interest in the Sidi Moussa block in offshore Morocco in the first quarter of 2020. Genel has a 75% working interest and is operator of the Sidi Moussa block.

Successive downgrades to Taq Taq reserves led to the departure of chairman Tony Hayward in 2017. The search for a new chairman is continuing, Genel said.
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