Genel Profits Rise on Higher KRG Oil Exports

Source: Reuters 8/5/2014, Location: Middle East

Genel Energy posted a 50-percent rise in first-half oil production buoyed by output from Iraqi Kurdistan despite ongoing fighting in northern Iraq.

Revenue rose 20 percent to $192.1 million helped by production which grew to 63,000 barrels of oil equivalent per day (boepd) from key fields, up from 41,500 a year earlier.

"We expect our production to increase further in the second half of the year as sales become regular and payments predictable," said chief executive Tony Hayward.

Genel Energy has received payments for trucked exports and local sales of Kurdish oil in the first half.

The Kurdistan Regional Government (KRG) has begun shipping cargos of its crude stored at Turkey's Ceyhan port.

A brief interruption in flows via Kurdistan's oil pipeline to Ceyhan last week due to full storage tanks did not affect Genel's business as excess crude could be sold to the domestic market instead, the company said.

Genel is also expecting to sign a sales agreement for gas it retrieves from its Miran and Bina Bawi fields in Kurdistan by the end of the year.

The company has some 8.4 trillion cubic feet of gas resources in the two discoveries which it hopes will form part of the KRG's agreement to supply gas to Turkey from 2017.

"The finalisation of the gas supply agreement between Kurdistan and Turkey should enable Genel to monetise its gas assets in the region," said analysts at Citi who maintain a buy rating for Genel's stock.

Shares in the company traded down 2 percent at 948.5 pence at 0724 GMT.

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