Oil Producer Genel Forecasts Lower 2016 Revenue

Reuters

Jan 20 (Reuters) – Genel Energy, one of the main oil producers in Iraqi Kurdistan, forecast 2016 revenue much lower than in 2015, citing weakness in oil prices.

The company forecast 2016 revenue of $200 million-$275 million, assuming Brent oil price at $45 per barrel. Genel reported 2015 revenue of $342 million.

However, the company said it was well-positioned to weather the downturn in oil prices as its production cost was $2 per barrel and due to recent efforts at cutting capital expenditure and overhead expenses. (1 British pound = $1.4146)

(Reporting by Vidya L Nathan in Bengaluru; Editing by Sunil Nair)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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