The precipitous collapse in Taq Taq output has seen Genel’s only producing operated-field fall to barely 25% of the firm’s net output in the first half of the year. Strong output from the DNO-operated Tawke field and higher oil prices meant that Genel was still able to swing to a profit over the period. The firm hopes to reverse its recent ill fortunes through development of its two gas fields.
Taq Taq production is continuing its steady decline. It nearly halved to just 60,000 b/d gross in 2016, averaged 22,100 b/d in the first half of 2017 and just 14,700 b/d in July. When asked about expected output for the rest of the year, COO Paul Schofield told the firm’s H1 conference call on 1 August that “if you actually look at what we’ve published on a monthly basis, it will give you a good indication of the trend.” (CONTINUED - 782 WORDS)