Genel Energy

Middle East

Genel Energy recoups payment


Genel Energy today confirmed the Taq Taq field partners have received a gross payment of $10.22million from the Kurdistan Regional Government for oil sales during June 2017.

Market info

Genel Energy agrees to buy OMV’s stake in Kurdistan field


Genel Energy has struck a deal with Austrian producer OMV to acquire its stake in a field in the Kurdistan Region of Iraq. The company will acquire a 35% share in the Bina Bawi field with an upfront payment of $5million. Genel Energy said a contingent payment of $70million will be payable once gas production exceeds the agreed threshold volumes from the Miran and Bina Bawi fields.

Oil & Gas

Tony Hayward takes over as Genel Energy chairman after leadership reshuffle


Tony Hayward has stepped into Genel Energy’s chairman role after Rodney Chase tendered his resignation. Murat Özgül, previously president of Turkey and KRI, has since been promoted to chief executive and appointed to the board. 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.

Market info

Genel Energy hit by full-year loss


Genel Energy said it fell to a loss last year as it waited for money still owed from some of its fields in the Kurdistan Region of Iraq. The company said its expects to receive regular repayments this year. The oil producer made a full-year loss of $312.8million, compared with a profit of $186.5million in 2013.