Genel Energy reports ramp up of production from Tawke field

16th Oct 2023 10:46

(Sharecast News) - Genel Energy announced that crude oil output from the Tawke field in Iraq's Kurdistan region was continuing to ramp up.

Gross production from Tawke reached 25,984 barrels of oil per day during the third quarter.

The field, which was operated by DNO ASA, had been shutdown on 25 March following the closure of the Iraq-Turkiye pipeline.

During the same period one year before Tawke had produced 109,054 bopd.

Genel had a 25% working interest in the field.

"The contractor share of crude oil from the field during the quarter sold to local buyers with payments [was] received directly in advance.

"No crude oil was delivered to the Kurdistan Regional Government for export by pipeline through Türkiye."

As of 1204 BST, shares of Genel Energy were edging up by 1.43% to 82.06p.