Genel Energy will reduce its capital expenditure this year to USD 80 million-120 million, a decrease from $160 million last year, the Turkish oil producer operating in the Kurdistan Region of Iraq said Wednesday.

Genel, DNO see new Kurdistan payments

ERBIL, October 11, 2017 – Genel Energy and DNO have both reported payments for July crude shipments from the Kurdistan Region of Iraq, despite political fallout from September’s independence referendum that continues to reverberate through the region.

DNO said on Tuesday that it had received USD 39.5 million for July’s sales from the Tawke field, while Genel announced on Wednesday the receipt of USD 10.39 million for Taq Taq crude sales in the same period.

The two fields are the largest producing assets in the Kurdistan Region.

The Taq Taq field averaged 14,873 bopd in July output, Genel noted. Crude from the field is destined for exports and deliveries to the Kurdistan Region’s Bazian refinery. Taq Taq is operated by a joint venture of Genel and Sinopec subsidiary Addax.

The Tawke field is operated by DNO with a 75% interest, while Genel holds the remaining 25%. The KRG settled long outstanding receivables for the field in August. At that time, DNO reported that production from the Tawke licence, which also includes the Peshkabir field, was more than 100,000 bopd.

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