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Genel Energy company stopped exploration activities in the Kurdistan region
7/14/2015
Follow-up -oreet - announced the company "Genel Energy" oil-producing and listed on the London Stock Exchange, Monday, to stop all drilling operations in the Kurdistan region this year to try to curb spending at a time waiting for it to get dues for oil sales by about $ 400 million from the Government of the Territory .
She said Genel Energy in the trade publication The decision to stop drilling this year and to reduce other expenses mean cut its capital expenditure to 150-200 million dollars. The company has conducted exploration unsuccessful attempts last year and wrote off about $ 500 million related to the results of the drilling is weak in Malta, Morocco and Angola. Home Genel revenue has shrunk from its operations in the Kurdistan region, where the government is facing difficulties in the management of funds to pay dues in exchange for crude oil companies.The company said the dues to the Government of the Kurdistan amounted to about $ 378 million as of June 30, up from $ 230 million at the end of 2014. Said Chairman of the Board of Directors Tony Hayward said the company "is now pumping more than 600 thousand barrels per day of oil to the Turkish port of Ceyhan for export and with the stability of revenue distribution, the Kurdistan government is moving towards a financial position to meet the export payments to contractors." DNO operates Tawke oil field in Dahuk province 460 km north of Baghdad stake of 55 percent, while Genel Energy holds 25 percent and the proportion of the Kurdistan Regional Government twenty percent Albagah
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7/14/2015
Follow-up -oreet - announced the company "Genel Energy" oil-producing and listed on the London Stock Exchange, Monday, to stop all drilling operations in the Kurdistan region this year to try to curb spending at a time waiting for it to get dues for oil sales by about $ 400 million from the Government of the Territory .
She said Genel Energy in the trade publication The decision to stop drilling this year and to reduce other expenses mean cut its capital expenditure to 150-200 million dollars. The company has conducted exploration unsuccessful attempts last year and wrote off about $ 500 million related to the results of the drilling is weak in Malta, Morocco and Angola. Home Genel revenue has shrunk from its operations in the Kurdistan region, where the government is facing difficulties in the management of funds to pay dues in exchange for crude oil companies.The company said the dues to the Government of the Kurdistan amounted to about $ 378 million as of June 30, up from $ 230 million at the end of 2014. Said Chairman of the Board of Directors Tony Hayward said the company "is now pumping more than 600 thousand barrels per day of oil to the Turkish port of Ceyhan for export and with the stability of revenue distribution, the Kurdistan government is moving towards a financial position to meet the export payments to contractors." DNO operates Tawke oil field in Dahuk province 460 km north of Baghdad stake of 55 percent, while Genel Energy holds 25 percent and the proportion of the Kurdistan Regional Government twenty percent Albagah
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