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Genel Energy Announces Update on Tawke PSC

Source: www.gulfoilandgas.com 5/27/2020, Location: Middle East

Genel Energy plc (Genel) notes that DNO ASA, as operator of the Tawke PSC (Genel 25% working interest), has issued an update on licence activity.

Gross production at the Tawke licence in the Kurdistan Region of Iraq, containing the Tawke and Peshkabir fields, absent drilling of new infill wells to arrest natural field decline, is expected to average 100,000 bopd in 2020. This reflects a drop from 115,210 bopd in Q1 2020 to 100,000 bopd in Q2 2020 and 90,000 bopd over the balance of the year.

The Tawke licence exit rate at year-end 2020 is projected at 85,000 bopd, absent any new wells. 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.

One active workover rig will shortly be moved for scheduled maintenance. However, two third-party rigs remain warm stacked at the Tawke and Peshkabir fields and can quickly be mobilized if oil prices climb and export payments are regularised.

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