Tony Hayward lauds success in Iraq

July 31, 2013 at 8:54 AM   |   Comments

LONDON, July 31 (UPI) -- There is "a lot to look forward to" in terms of oil and natural gas production from the Kurdish region of Iraq, Genel Energy CEO Tony Hayward said Wednesday.

Genel released its earnings report Wednesday for the second half of 2013. It reported a net profit before tax for the first half of the year of $109 million, up from the $22.3 million reported for the same time last year.

"Genel has had a strong first half of the year making material progress in exploration, appraisal and development," Chief Executive Officer Hayward said in a statement.

Hayward said the infrastructure for an independent export pipeline from the Kurdish region should be finished by the end of the year. Development programs for the company's Taq Taq and Tawke oil fields in northern Iraq are on pace for a net production of 140,000 barrels of oil equivalent per day by the end of 2014.

The semi-autonomous Kurdish north has been shielded from much of the violence plaguing Iraq. Its government, however, is at odds with the national government over who controls what in terms of the country's oil sector.

Nevertheless, Hayward said his company was in a unique position in the region.

"We have a lot to look forward to," he said.

Topics: Tony Hayward
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