Genel Energy’s net working interest production for Q1 2014, climbed by 35% to 50,000 bopd from the same period last year.Â
The Independent oil and gas E&P company, led by former BP-CEO Tony Hayward, expects production and revenues to increase over the course of 2014 as the Kurdistan Region of Iraq oil pipeline comes into operation. The company’s production and revenue guidance remains unchaged at 60,000 – 70,000 boepd with revenue of $500 – 600 million.Â
The KRI pipeline commissioning process is ‘substantially complete’, according to the company’s inteim management statement released April 22, 2014.
At the Taq Taq field, the construction of the second central processing facility is progressing and is on track for completion around year end. The drilling of the first deviated and horizontal wells on the field will follow completion of the Taq Taq Deep exploration well.
During the quarter, two additional horizontal development wells were completed at the Tawke field and brought onstream at a combined rate of 37,000 bopd. The operator, DNO International, has outlined plans to increase field processing capacity from 100,000 bopd to 200,000 bopd by the end of 2014 through the installation of early production facilities.
In April, the company announced that, together with White Rose Energy Ventures, it had agreed to acquire 15% working interests in Block 38 and 39 offshore Angola. The transactions provide Genel with a position in exploration licences that hold multi-billion barrel prospectivity and represent an attractive high-impact near-term exploration opportunity. The Stena Carron drillship has been contracted for a drilling programme, which is expected to commence in mid-2014. The first well of this programme, on Block 39, is expected to target the very material Dilolo prospect.
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