Tag Archives: Genel Energy

Genel Energy: Receipt of payment for KRI oil exports from Tawke field

Genel Energy plc (‘Genel’) notes the announcement from DNO ASA, as operator of the Tawke field, that the Tawke field partners have received a payment of $31.33 million from the Kurdistan Regional Government for oil sales during August 2016.

The payment reflects full settlement of the invoiced amount for August 2016 oil sales, and includes $26.27 million towards the monthly entitlement and $5.05 million towards recovery of historical receivables.

 The payments will be shared pro-rata by DNO and Genel.

Tawke production in August averaged 96,709 bopd, of which 96,528 bopd was delivered for export through Turkey. This was down from July production levels of 117,992 bopd due to pipeline closures in Turkey and scheduled field facilities maintenance.

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Genel Energy plc: Trading and Operational Update

Q3 2016 net production averaged 53,100 bopd, an 8% decrease on the previous quarter

·     Production and sales by field during Q3 2016 were as follows:

(bopd)

Export via pipeline

Domestic sales

Refinery sales

Total production

Genel net production

Taq Taq

44,700

13,800

58,600

25,800

Tawke

108,800

109,200

27,300

Total

153,500

13,800

167,800

53,100

 

Note: Difference between production and sales relates to inventory movements at both fields

·     Production by field for the nine months ending 30 September 2016 was as follows:

(bopd)

Export via pipeline

Domestic sales

Refinery sales

Total production

Genel net production

Taq Taq

43,300

2,100

20,000

65,400

28,800

Tawke

103,800

1,400

600

106,000

26,500

Total

147,100

3,500

20,600

171,400

55,300

 

Note: Difference between production and sales relates to inventory movements at both fields

·     At Taq Taq (Genel 44% working interest) two side-track wells, TT-27x and TT-07z, were successfully  drilled and completed during the period, partially offsetting the decline from existing wells. A third  side-track, TT-16y, is in progress. Taq Taq production in October to date has averaged 50,000 bopd

·     Through development drilling and reservoir management, the focus at Taq Taq remains mitigating  field declines and reducing the concentration of production from the crest of the field

 

Full release from Genel here.

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