Genel Optimism As KRG Output Soars

London-listed but KRG-focused Genel Energy, the former Turkish firm now headed by former BP CEO Tony Hayward, saw its output hit a record 229,000 b/d in June as northern Iraq’s Kurdistan Regional Government (KRG) ramps up its independent crude exports (see p2).

Genel is operator of the Taq Taq field and has a stake in the Tawke field, operated by Norwegian independent DNO. Together these fields produced 229,000 b/d in June, Genel said in an operational update on 3 July. The firm’s share price in recent days has recovered most of the ground lost in mid-June when jihadists rapidly advanced across northern Iraq (see graph). The firm says neither its output nor exports are threatened. (CONTINUED - 493 WORDS)