Genel Energy begins investment in Kurdistan’s two gas fields

Genel Energy oil and gas company on Monday announced the settlement of an agreement with the Kurdistan Regional Government (KRG) to produce natural gas as well as export it to Turkey.

ERBIL, Kurdistan Region (Kurdistan24) – Genel Energy oil and gas company on Monday announced the settlement of an agreement with the Kurdistan Regional Government (KRG) to produce natural gas as well as export it to Turkey.

In an official statement, Genel Energy revealed it had “finalized documentation of previously agreed terms of amended and restated production sharing contracts and gas lifting agreements” in the Kurdistan Region.

According to the report, the agreement was part of the 2015 amended deal between the KRG and Genel Energy regarding production sharing and gas lifting for the Miran and Bin Bawi gas fields.

Once the contracts and agreements were confirmed, Genel Energy said they would begin working on the project.

“The company remains committed to developing these large-scale, low-cost, onshore gas fields, which will form the cornerstone of gas exports to Turkey under the 2013 KRG-Turkey gas sales agreement,” the statement continued.

Genel Energy is an Anglo-Turkish exploration and production company operating in the Kurdistan Region’s oil and gas sector for over a decade.

Moreover, the company is set to be an essential provider of gas to Turkey under the KRG-Turkey agreement.

Murat Ozgul, the Chief Executive of Genel Energy, was optimistic about the prospects of the new deal between the KRG, Genel Energy, and Turkey.

“We are determined that 2017 will be a watershed year as we seek to create a gas business that will be transformational for both Genel Energy and the KRG,” Ozgul stated.

The Kurdistan Region has a reserve of 200 trillion cubic meters of natural gas which is three percent of the world’s reserve.

 

Editing by Karzan Sulaivany