Genel Treading Water Despite KRG Investments

Genel has downgraded output expectations for its key Taq Taq field in Iraqi Kurdistan, and thus its expected working interest from the region as a whole. In an operational update released on 7 July, the Anglo-Turkish firm said that despite the successful drilling of a new well, it had been unable to prevent a third consecutive slide in monthly output.

The firm has been hit hard by a downgrade in February to the reserves estimate at Taq Taq, where it has a 44% operating stake (MEES, 4 March). The 48% downgrading of proven and probable (2P) reserves led the firm to project gross Taq Taq production of just 80,000 b/d this year, down from 116,000 b/d in 2015. And this increasingly looks over-optimistic, with a figure around 65,000 b/d appearing more likely.


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