Shareholders at Genel Energy have rejected the election of three directors at today’s AGM.
Genel Energy has completed the Sarta-5 appraisal well but reservoirs appear tight and it failed to flow.
Genel Energy has halted work on the QD-2 well in Kurdistan because of “insurmountable technical problems”, the company has acknowledged.
Genel Energy has signed a farm-out deal with OPIC Somaliland Corp. (OSC), backed by Taiwan’s CPC Corp. on a block in Somaliland.
Genel Energy will seek compensation from Kurdistan Regional Government (KRG) following the cancellation of its Bina Bawi and Miran production-sharing contracts (PSCs).
Kurdistan has issued a notice to Genel Energy that it intends to terminate licences on Bina Bawi and Miran.
Kurdistan has told producers that it is cutting payments for oil production, in light of continued pressure from COVID-19.
The Tawke licence in Kurdistan produced 110,300 barrels per day in 2020, DNO has reported, down from 124,000 bpd in 2019.
Chevron has reached first oil at the Sarta field, in Kurdistan, from an early production facility.
DNO’s Peshkabir gas capture and injection project, in Kurdistan, has launched and already captured 1 billion cubic feet of gas injected, in a major move to reduce emissions.
Genel Energy reported an operating loss of $340 million for the first half of the year, but still generated $6.5mn of free cash flow.
DNO and Genel Energy have cut production estimates and spending this year in Kurdistan, although allowing that work could resume should prices strengthen.
Genel Energy has cut capital expenditure to just over $100 million for 2020, while operating expenditure will be reduced by 10% to around $40mn.
Given the current state of the oil market, Sterling Energy is becoming more confident in executing a deal with an onshore low-cost operator.
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.