31st Oct 2019 11:11
(Alliance News) - Genel Energy PLC said Thursday an Iraqi oil field in which it holds a minority interest is set to average production of 120,000 barrels of oil per day despite workovers affecting output.
Genel owns a 25% interest in the Tawke PSC licence in the Kurdistan region of Iraq, with the remainder held by operator DNO ASA.
During the three months ended September, production averaged 119,800 barrels of oil per day. This was achieved despite workover work on the P-2 well and a side-track of the P-3 well at the Peshkabir field affecting output.
For 2019 as a whole, DNO now expects production from Tawke to average 120,000 bopd with this pace anticipated to be maintained in 2020.
"DNO stated that the Peshkabir-to-Tawke gas project is on track to be delivered in the first quarter of 2020, effectively eliminating gas flaring while enhancing recoverability at the Tawke field," Genel added.
Shares in Genel were 0.4% lower at 190.60 pence in London on Thursday.
By Ahren Lester; [email protected]
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