Prospects for development of Genel’s gas fields in Iraqi Kurdistan got pushed back again this week. Genel and the KRG “jointly agreed” to let lapse a 30 April gas lifting agreement (GLA) for Bina Bawi, just after securing yet another extension in January (MEES, 1 February). The London-listed firm said in a statement that negotiations will continue for another 12 months under the current production sharing contract, and “should no agreement be reached, the KRG has a right to terminate the PSC.”
Genel expects a similar fate for the ongoing GLA talks for Miran – set to expire by 31 May. Miran and Bina Bawi, once called “anchor fields” for the KRG’s gas export ambitions, boast 11.4tcf reserves according to the operator. (CONTINUED - 189 WORDS)