Genel Energy CFO Esa Ikaheimonen has revealed the company are planning to significantly increase oil production at their oil fields in Kurdistan next year. This increase will be the result of the drilling of eleven wells across three fields in the region, with eight of these wells expected to start producing oil this year.
With the release of their half year results, Genel have reaffirmed their production guidance of 32,800 barrels of oil per day for 2018, with the company's share price having risen more than 150% since the start of the year as a result of increasing oil prices and a brighter outlook on production.
Despite political upheaval in the region following the Kurdish independence referendum last year, International producers have benefited from stable oil production and revenues in the region over the last year.
Genel's earnings rose significantly in the first six months of the year to $137.4 million, with the recovering oil price key. The company also generated $70 million in cash flow and has outlined plans to clear its debt by the end of 2018.
Source: The National