Genel can 'Plan with Confidence' in 2017 after KRG Payment Promise

Genel Energy plc has stated that it can plan with confidence this year after the Kurdistan Regional Government confirmed that oil export payments from the region will continue.

“2016 was a major step forward for the monetization of oil exports from the Kurdistan Region of Iraq,” Murat Özgül, chief executive of Genel, said.

“We received $207 million in cash proceeds for oil sales and receivable recovery. These payments in turn allowed for work programs to resume at Taq Taq and Tawke. The KRG has confirmed that payments will continue, allowing us to plan with confidence for 2017,” he added.

Genel’s net production last year averaged 53,300 barrels of oil per day. Net production to Genel from Taq Taq and Tawke has averaged 44,000 bopd in January 2017 to date. Capital expenditure for 2016 totalled $61 million, which was below the previously stated $90-110 million guidance range. Net debt at December 31, 2016 stood at $240 million.

The company’s production guidance for 2017 is set at 35-43,000 bopd and capital expenditure at the Taq Taq and Tawke fields in 2017 is forecast at between $50-75 million.

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