27th Jan 2025 10:37
(Alliance News) - Genel Energy PLC on Monday said it sold less oil at a lower price at its Tawke production sharing contract in Kurdistan in the fourth quarter of last year.
The oil & gas company with production assets in the Kurdistan region said working interest average production rose 58% to 19,650 barrels of oil per day in 2024, from 12,410 bopd in 2023.
The average domestic market sale price was for USD35 per barrel in 2024, unchanged from 2023.
At Tawke in Kurdistan, gross production in the fourth quarter of 2024 fell 12% to 74,410 bopd from 84,210 in the third quarter. The domestic sale price declined 8.1% on-quarter to USD34 per barrel from USD37 per barrel.
The working interest output slowed 12% on-quarter to 18,540 bopd from 21,050 bopd.
For 2025, Genel expects Tawke domestic sales demand to be similar to that of 2024.
Chief Executive Officer Paul Weir said: "We start 2025 with a business that has all the building blocks necessary to grow and become more successful. Genel has a strong balance sheet, our two producing fields within the Tawke PSC form a world class asset that delivers significant cash generation, even when only selling at heavily discounted domestic prices. Genel has a compact, but highly skilled and motivated work force, dedicated to delivery performance, execution of a growth strategy and pursuit of value accretive acquisitions that will geographically diversify us into reliable and predictable jurisdictions."
Genel will report 2024 results on March 18.
Genel shares fell 3.7% to 60.36 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.