London-listed Genel Energy’s stalled efforts to develop its Kurdistan gas assets have received another extension. The firm announced on 31 January that the deadline to meet its commitments under the gas lifting agreement (GLA) for the Bina Bawi field had been extended to 30 April. The deadline for the Miran GLA is now 31 May. Both were set to expire in February, having already been extended from the initial February 2018 deadline (MEES, 17 February 2017). Genel claims combined “gross mean” gas reserves of 11.4tcf.
Conditions included “execution of final agreements on the midstream gas processing facilities and pipeline transportation, the execution of the financing documents and the completion of updated competent person’s reports for Miran and Bina Bawi.” Field development plans for Miran and Bina Bawi were submitted in the second half of 2018. The short extension period appears to indicate confidence that Genel is close to meeting its commitments – either that or both parties have grown tired of the affair. The two fields were to be the “anchor fields” of 10bcm/year exports from Kurdistan to Turkey by 2020 (MEES, 27 November 2015). (CONTINUED - 177 WORDS)