Genel Raises Debt to Fund Kurdistan Strategy

Iraqi Kurdistan-focused Genel Energy announced Thursday that it has completed the private placing of $230 million of bonds.

Genel said it issued the debt in order to underpin its financial strength and provide flexibility to implement its Kurdistan strategy. The firm reported that production at its Taq Taq and Tawke fields in the Kurdistan region of Iraq continues to increase as planned. New gross daily production records have been set at both fields: Taq Taq recently surpassed 142,000 barrels of oil per day and Tawke reached 147,000 bopd.

Genel added that its temporary domestic market sales channel, which under a deal with the Kurdistan Regional Government contractors receive 50 percent of domestic sales proceeds, has run successfully for Taq Taq throughout February and March. The firm said around 30,000 to 40,000 bopd continues to be sold locally and cash received has been in line with expectations.

Genel also said that the oil export agreement between the KRG and the Federal Government of Iraq is being fully implemented, with both sides committed to the agreement. The firm said it continues to expect payment for oil exports to be received in 2015.

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