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Anglo-Turkish Genel Energy is “expecting progress” ahead of talks with Iraq’s Kurdistan Regional Government (KRG) to decouple the development of oil from natural gas at the Bina Bawi field (Genel 100%, operator), the firm said this week. After submitting the recently completed field development plan to Erbil, negotiations will commence and Genel is confident it can reach first oil from the 34mn barrel (2C) field within six months of FID. The firm appears confident that Erbil will agree with the benefits of developing Bina Bawi's oil reserves independent of its gas.
“Geologically, Bina Bawi has huge potential and the political situation continues to make significant progress,” said CEO Mural Özgül. (CONTINUED - 709 WORDS)