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Genel confirmed this week that average output from its flagship Taq Taq field (Genel 44% op, Sinopec 36%, KRG 20%) fell 48% last year to just 60,100 b/d. In a trading and operations update released 24 January, the firm says it expects production to average just 24,000-31,000 b/d in 2017 – a huge output fall of 48-60% (see chart 1).
Following on from its relinquishment of the Dohuk license last year and the ongoing relinquishment of Ber Bahr, Genel now plans to sell its remaining 40% operating stake in the Chia Surkh license to Turkish partner Petoil. Once the transaction has been completed, Petoil will hold an 80% stake at the asset, while the KRG will have the remaining 20%. (CONTINUED - 1310 WORDS)
DATA INSIDE THIS ARTICLE
|chart||1: Taq Taq: Latest Genel Output Forecasts Further Downgrade Expectations (‘000 B/D)|
|chart||2: Dno Pulls Away From Rivals As Highest Paid Ioc In Krg ($Mn, 2016 Payments For Output)|
|chart||KRG Crude Export* Revenue Remains Stubbornly Low As Debt Servicing Takes Its Toll ($mn)|