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.



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