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.
WHAT DO YOU THINK?
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.
- Gunvor CEO Sees Russian Refining Capacity Taking Hit from Drone Strikes
- These Factors Helped Brent Oil Price Break Above $85
- Sinopec Engineering Posts Higher Annual Petrochemicals Revenue
- Imperial Pipeline in Winnipeg Goes Offline for Three Months
- Gaz System to Acquire Gas Storage Poland
- Subsea7 Secures Contract to Service Woodside's Trion
- Adnoc Inks Supply Deal for Ruwais LNG Project with Germany's SEFE
- India Buying More USA Oil as Sanctions Stifle Russian Flows
- EIA Boosts USA Crude Oil Production Forecasts
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension