Genel Vitality says it has agreed phrases with Iraq’s Kurdistan Regional Authorities for exiting the Taq Taq PSC, noting that this can “take away the danger of any residual decommissioning liabilities.” Taq Taq was the most important IOC-operated discipline in Kurdistan in 2014 with 103,000 b/d output, peaking at 116,000 b/d in 2015, however it suffered a catastrophic output collapse as geological challenges prompted large reserve downgrades from 2017 (MEES, 31 March 2017). Output was beneath 5,000 b/d even previous to the 2023 closure of the KRG’s export pipeline, and Genel opted to not produce from it final yr (MEES, 26 January 2024).
In its heyday, Taq Taq was the core asset of a broad Kurdistan portfolio for Genel, however the London-listed agency is now all the way down to only a 25% non-operated stake in DNO’s Tawke discipline – the place gross output of round 80,000 b/d not less than yielded working curiosity output of 19,650 b/d. The KRG revoked Genel’s PSCs for the Bina Bawi and Miran fuel fields in 2021, with the London Court docket of Worldwide Arbitration final yr upholding the transfer (MEES, 13 December 2024). Genel says it received’t attraction the ruling and is targeted on buying new property to diversify its holdings. (CONTINUED – 192 WORDS)
Learn this text without cost
Achieve entry to over 60-years of vitality evaluation and information
Delve into the main points backed by information
Unique info from high-level officers
Assess future dangers and alternatives
