Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
Anglo-Turkish independent Genel Energy on 22 September completed its purchase of Austrian energy group OMV’s 36% operator’s stake in the Kurdistan Regional Government’s (KRG) Bina Bawi gas field, putting the firm in almost full control of the two blocks slated to supply 10 bcm/year of KRG gas exports to Turkey.
Genel is also in the process of acquiring the KRG’s 20% interest in Bina Bawi and 25% of the nearby Miran block giving it 100% of each. Pending this, Genel now has an 80% operator’s interest at Bina Bawi and 75% of Miran. However, the timing of any start-up remains unclear. Genel is holding off sanctioning the required $2.9bn upstream capex investment (including $1bn to first gas), until it starts receiving regular payments from the KRG for its 95,000 b/d of local oil output. Midstream capex (two processing facilities with a combined capacity to process 14 bcm/year of raw gas into 10 bcm/year of sales gas) would be a further $2.5bn, Genel says.
DON'T HAVE AN ACCOUNT?
NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?
By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.UPGRADE