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Genel: Rising output tied to Kurdish exports

Sales should become "predictable," CEO Hayward says.
By Daniel J. Graeber   |   Aug. 6, 2014 at 8:59 AM   |   Comments

http://cdnph.upi.com/sv/em/upi/UPI-2071407328309/2014/1/6f72fb1e121281a75006efde757dcf73/Genel-Rising-output-tied-to-Kurdish-exports.jpg
LONDON, Aug. 6 (UPI) -- Oil production from the Kurdish north of Iraq should increase in relation to the level of exports to the international market, Genel Energy said.

Genel announced revenue for the second half of 2014 reached $192.1 million, up from the $160.6 million for the second half of 2013. Net working production for the period averaged 63,000 barrels of oil equivalent per day, an increase of around 50 percent from the second half of 2013.

Chief Executive Officer Tony Hayward said operational momentum in the Kurdish north of Iraq is increasing, with the opening of a pipeline to a Turkish port resulting in a significant rise in production.

"The Kurdistan Regional Government has successfully sold oil exported through Ceyhan at international prices, and we expect our production to increase further in the second half of the year as sales become regular and payments predictable," he said in a statement Tuesday.

At least three shipments of Kurdish oil have left the Turkish port of Ceyhan this year. The federal government in Baghdad and the semiautonomous KRG have filed dueling claims in a Texas court over the fate of shipment of oil anchored off the coast of Texas.

Hayward said proceeds from the first sales have already been deposited into a Turkish bank account controlled by the KRG.

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Topics: Tony Hayward
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