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Anglo-Turkish firm Genel Energy released figures on 20 January highlighting the extent to which investment cutbacks are impacting on production in Iraqi Kurdistan. Combined with the recent further collapse in prices, revenue for crude sales from the region’s two key fields – Tawke and Taq Taq – is set to more than halve this year.
January production at the two key Kurdish Region of Iraq (KRI) fields, in both of which Genel holds a stake, is currently running around 18% below average 2015 levels (see table 1). Genel projects further output declines. With the Kurdistan Regional Government (KRG) already struggling to pay its bills, international oil companies (IOCs) look set for further belt tightening in 2016.
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