viewGenel Energy PLC

Genel Energy says Tawke PSC in Kurdistan set to yield 100,000 bopd gross for 2020

New wells are needed to offset natural field decline but the drill rigs are stacked amidst weak economic conditions

Genel Energy PLC - Genel Energy says Tawke PSC set to yield 100,000 bopd gross for 2020

Genel Energy PLC (LON:GENL) has told investors that average output from the 25%-owned Tawke production sharing contract in Kurdistan, Iraq  is expected to reduce down to 100,000 barrels of oil per day (bopd) in 2020, assuming new wells aren’t drilled to arrest the natural decline.

Without new wells the 2020 exit rate is forecast to be marked at around 80,000 bopd.

READ: Genel highlights resilient and robust business

In the first quarter, production from Tawke amounted to 115,210 bopd and in the second it was down to 100,000 bopd, while for the remainder of 2020 it is predicted at around 90,000 bopd.

“The operator believes the reduction in oil production is reversible with a restart of drilling as and when the market recovers.” Production continues to be split approximately 55-45 between the Tawke and Peshkabir fields,” Genel said in a statement.

It noted that two third-party-owned rigs remain ‘warm stacked’ at the Tawke and Peshkabir fields.

These rigs can be quickly mobilised for drilling if oil prices and export payments are “regularised”.

The Tawke PSC comprises the Tawke and Peshkabir fields, with the former contributing 55% of production volumes and the later contributing 45%.

Quick facts: Genel Energy PLC

Price: 185.4 GBX

Market: LSE
Market Cap: £514.8 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Genel Energy PLC named herein, including the promotion by the Company of Genel Energy PLC in any Content on the Site, the Company receives from...


Genel Energy now more ambitious and ready to grow in 2021, after 'building...

Genel Energy PLC's (LON:GENL), Bill Higgs speaks to Proactive London about their latest trading and operational result. Higgs explains how 2020, despite being a tough year, 'set the foundation for what's ahead', and now in a position to grow in 2021, with a twelve-well drill campaign among...

on 19/1/21

2 min read