Genel 2014 revenue target of over $500 million on track

Middle East and Africa-focused independent Genel Energy reported that its 2014 production and revenue guidance remains unchanged at between 60,000 and 70,000 barrels of oil equivalent per day and between $500 million and $600 million.

Genel said that net working interest production for the first quarter averaged 50,000 barrels of oil per day (bopd), representing an increase of 35 percent on the first quarter of 2013. The firm’s Taq Taq and Tawke fields in Iraqi Kurdistan averaged 81,000 bopd and 57,000 bopd respectively.

Genel said that production and revenues are expected to increase over the course of 2014 as Kurdistan’s oil pipeline system comes into operation.

At the Taq Taq field the construction of a second central processing facility is progressing and is on track for completion around the end of this year. Genel added that, during the first quarter of the year, two additional horizontal development wells were completed at the Tawke field and brought on stream at a combined rate of 37,000 bopd. The operator of the field, DNO International, has outlined plans to increase field processing capacity from 100,000 bopd to 200,000 bopd by the end of 2014.

Meanwhile, first gas production from the Summail field development is expected shortly.

As far as Genel’s exploration activities are concerned, the company confirmed that it has agreed to acquire 15-percent stakes in Block 38 and Block 39 offshore Angola. Meanwhile, the exploration well on the Hagar Qim prospect on the Area 4 license offshore Malta is scheduled to spud in May.