Somalia is taking steps to attract foreign investment to its energy sector but challenges remain, most notably in how the federal government can integrate its policies with those of the state governments.
Genel Energy has announced it expects its oil and gas production to fall for a third year in 2018.
Genel Energy today confirmed it would carry out a 3D seismic campaign across is Morocco Sidi Moussa licence.
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.
Genel posted a strong financial performance for the first half of the year.
Former BP boss, Tony Hayward, has announced his retirement as director and chairman of Genel Energy.
Genel Energy expects to record an impairment charge of $181million on its books for 2016 after reserves were downgraded at the Taq Taq field in Iraq.
The Kurdistan Regional Government has paid Genel Energy and its partners $30million for oil sales during June 2016.
Genel Energy has confirmed that Tawke field partners have received a payment of $15million from the Kurdistan Regional Government for oil sales during May 2016.
Genel Energy said it has received a $5.5million from the Kurdistan regional government for oil sales in May.
Genel Energy today confirmed the Kurdistan Regional Government paid its outstanding $16.3million in relation to the Tawke field.
Genel Energy said the Taq Taq field partners have received a payment of $11.45 million from the Kurdistan Regional Government for oil sales during April 2016.
Genel Energy, operator of the Tawke field, confirmed the field partners have received $16 million from the Kurdistan Regional Government for oil sales during April 2016.
Genel Enegy has received a $6.1million payment for its Taq Taq field.
Genel Energy has received $13million from the Kurdistan Regional Government as its share of March oil payments from the Taq Taq field in Northern Iraq.
Genel Energy today confirmed its revenue had taken a 34% as it navigates a low oil price environment.
Genel Energy, the UK oil producer operating in Iraq’s Kurdish region, fell by a record in London trading after cutting the reserves estimate for its largest field by almost half.
Genel Energy has announced that Jim Leng is to step down from the board in April.
Shares of Gulf Keystone, Genel Energy and DNO rose after the Kurdistan Regional Government clarified its system of export payments to foreign oil companies.
The Kurdistan Regional Government has dished out its latest round of payment for oil exports.
Genel Energy has confirmed that the Taq Taq field partners have recieved a $30million export payment from the Kurdistan Regional Government in Iraq for oil exported through the Kurdistan region of Iraq-Turkey pipeline.
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.
Kurdish oil producer Genel Energy has reiterated its commitment to the region, as it revealed its earnings are up for the first half of the year.
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.
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.