UK’s Genel Energy obtained a 12-month extension from Kurdistan Regional Government (KRG) to execute projects within its gas agreement for Bina Bawi and Miran fields.
The Gas Lifting Agreement (GLA) includes conditions such as the execution of the final agreements on the midstream gas processing facilities and pipeline transportation, and the completion of updated competent person’s reports on the two fields, Genel said in a statement.
The revised date for conditions to be satisfied or waived is Feb 9 2019.
Last week, Genel Energy announced results of the evaluation of the contingent gas resources at the Iraqi assets, which was also a condition within the Gas Lifting Agreement with KRG.
It said the combined contingent (2C) gross raw gas reserves estimates for both fields rose by about 40 per cent to stand at 14,792 billion standard cubic feet (Bscf), a figure which excludes associated condensate volumes attributable to the upstream partners.