Genel Energy To Spend $500M Exploring In Five Countries

Reuters

ISTANBUL, Nov 22 (Reuters) - London-listed oil firm Genel Energy is planning to invest $500 million for exploration activities in Ethiopia, Somaliland, Ivory Coast, Malta and Morocco in the next two years, the company's president said told Reuters on Friday.

"We will spend $250 million of this in 2014," Mehmet Sepil said on the sidelines of Atlantic Summit in Istanbul, adding that the company currently has around a cash balance of $900 million, which will cover this investment budget.

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours