Investment Opportunity in Ziyen.com, the owner of Rebuilding Iraq

+44(0) 800 772 3004
marketing@ziyen.com

Genel Energy Plans to Expand Kurdistan Operations

In a statement, the company disclosed its talks with the Turkish Energy Company to have partnership in investing Kurdish natural gas in the region.

Arbil Iraq TradeLink: Genel Energy oil company is planning to expand its operations in utilizing Kurdish gas wealth to "compensate" the decline in Tataq oilfield's reserves.

In a statement, the company  disclosed its talks with the Turkish Energy Company to have partnership in investing Kurdish natural gas in the region.

The latest financial report of the company revealed that it has "bad financial situation during the past three years" due to the second estimation's decline in oil prices and the reserves in the main oilfield in the region.

Oil production in Taqtaq  oilfield was declined by 37% in comparison with 2015, with an average of 50.000 b/d.


The statement added that there was a previous agreement with the Kurdish region and Turkey to export the national gas, so "the new strategy of the company in 2017 is to find a partner to develop natural gas projects and building a gas-export pipeline".
 
Source: Iraq TradeLink

 

 


Categories

Read more news like this

Categories
Oil and Gas News