Genel Energy, the oil and gas producer focused on Kurdistan region of Iraq, says output this year will exceed previous estimates on outperforming wells, while it looks to submit field development plans for Bina Bawi oil production.
The London-listed company has 11 wells currently drilling or to be drilled on producing assets in the Kurdistan Region of Iraq in second half of 2018, of which eight are expected to be completed and adding to production by the end of the year, according to Murat Özgül, chief executive of Genel.
Genel said its production averaged 32,100 barrels of oil per day in the first half of 2018. This has declined by 13 per cent from the earlier-year period, after production declines at Taq Taq.
The company expects its 2018 production to be around 32,800 bopd, which has the potential to be exceeded through ongoing positive performance at the Peshkabir wells and the resumption of drilling at Tawke and Taq Taq.
“Peshkabir continues to exceed expectations, with the successful Peshkabir-4 and 5 wells boosting gross current field production to 35,000 bopd. Peshkabir-5 has successfully proved the westward extension of the field, with an increase in proven and probable reserves expected to follow,” the company said in a statement.
Genel said it also completed field development plans for Bina Bawi oil and will submit them to the Ministry of Natural Resources, while Bina Bawi and Miran gas plans will be submitted later in the second half of this year.
“We are well positioned to both add value through the drill bit and further bolster our financial strength,” Özgül said.