ERBIL (Kurdistan 24) – Britain’s Genel Energy Plc says it expects to increase its oil production output at fields in the Kurdistan Region considerably by the end of 2018.
In its semi-annual report published on Tuesday, the British-based energy firm said it would increase drilling work in the second half of the year, with 11 wells under operation on its producing fields and eight “of those expected to be completed and [add] to production by the end of the year.”
Genel operates at the Faysh Khabur (Pesh Khabur), Tawke, Taq Taq, and Miran West oilfields and says it will develop new production at the Bina Bawi field in the Kurdistan Region capital of Erbil.
Although the company’s production of 32,100 barrels of oil per day (bpd) decreased by 13 percent from the previous year, its revenue increased to $161.1 million in 2018 compared to the $87.1 million reported during the same period in 2017.
The energy firm predicts more improvement especially with “ongoing positive performance” at Pesh Khabur“ and the resumption of drilling at Tawke and Taq Taq.”
In May, the British-based company said it was on course to reach its output target in the Kurdistan Region.
In January, Genal said it “believes the development of the world-class fields is set to unlock significant value for both the company and the Kurdistan Regional Government.”
The Kurdistan Region is rich in natural resources, primary among them oil and gas. Currently, the government of the semi-autonomous region exports over 300,000 bpd to the Ceyhan port in Turkey.