Genel Energy boosts Q1 production and sees more rises in 2014

22nd Apr 2014 07:11

Middle East- and Africa-focused oil and gas group Genel Energy, headed by former BP boss Tony Hayward, unveiled higher first-quarter production and said it expected output and revenue to rise in 2014.Genel said net working interest production averaged 50,000 barrels of oil per day (bopd), up 35% on the first quarter of 2013.It said it expected production and revenue to increase during 2014 as the Kurdistan Region of Iraq (KRI) oil pipeline system comes into operation.Expected 2014 production and revenue guidance was unchanged at 60,000-70,000 barrels of oil equivalent per day and $500-600m, respectively.KRI pipeline commissioning is largely complete, with some further work set to finish in the second half of 2014.Its Taq Taq and Tawke fields averaged 81,000 bopd and 57,000 bopd respectively in the quarter and first gas production from the Summail field development is expected shortly.The group also said it expected to start drilling at its 15%-owned project off the Angolan coast in the middle of this year.The Cap Juby well offshore Morocco confirmed the presence of heavy oil and work was ongoing to evaluate the extent of moveable hydrocarbons and how any further assessment should be conducted, it added.PW