Genel Appoints New CEO, On Track to Deliver 90-100,000 BPD
Independent producer Genel Energy said Monday that it has appointed Murat Özgül as its new chief executive. The firm also reported that it remains on track to produce an average of between 90,000 and 100,000 barrels of oil per day this year after averaging 88,800 bopd during the first half of 2015.
Özgül was previously Genel's president for Turkey and the Kurdistan region. He replaces Tony Hayward in the role, who himself has become chairman of the company after the resignation of Rodney Chase.
Commenting on Chase's resignation, Hayward said:
"Rodney has been a driving force in the establishment of Genel Energy as a respected London-listed company. It has been a great pleasure working with him, and on behalf of the board and the company I would like to express my sincere gratitude for his leadership through the IPO and over the past four years, which has helped make Genel the company it is today."
Analysts at London-based investment bank Westhouse Securities said that the appointment of Özgül as chief executive "highlights the company's now exclusive focus on Kurdistan having decided to exit all non-Kurdistan operations and exploration".
In an operations update, Genel also said that it will seek to optimize the mix between domestic and export sales from its Taq Taq and Tawke fields in the Kurdistan region of Iraq. At Taq Taq the firm's surface processing capacity stands at 150,000 bopd and a second central processing facility – with a planned capacity of 90,000 bopd – is on track for the end of the year. At Tawke, wellhead, processing and pipeline capacity was successfully doubled to 200,000 bopd during 1H 2015.
Genel reported that revenue generated during the first half was estimated to be $200 million. The firm's cash balance at June 30, 2015 stood at $470 million, with net debt being $220 million. The firm expects to spend up to $200 million during the whole of 2015 after capex in the first half was $90 million.
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