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2014-07-04 17:25:00

KURDISTAN OIL PRODUCTION GROWS

KURDISTAN OIL PRODUCTION GROWS

Oil explorer Genel Energy PLC, headed by ex- BP PLC chief Tony Hayward, said Thursday its oil production in Kurdistan surged last month, in part thanks to a controversial export pipeline to Turkey.

The pipeline has allowed the Kurdistan Regional Government in the semiautonomous region of northern Iraq to increase oil exports via Turkey. Although the central government in Baghdad disputes the Kurdish government's right to sell the oil directly, proceeds from the first cargo, sold at international prices, have been paid into a bank account in Turkey controlled by the KRG, Genel said.

In June, the KRG said that 1 million barrels of its oil piped through the Turkish power of Ceyhan was safely delivered to buyers. The KRG declined to say who the buyers were. Only one cargo has been delivered to a buyer in Israel. Another three cargoes are still floating in the Mediterranean.

Genel's Chief Executive Tony Hayward said that piped oil exports from Kurdistan may have hit some snags along the way, but they are likely to grow in the second half of the year.

"Has it been without a few bumps in the road? Well, of course it hasn't; it's a whole new process and you wouldn't expect it to. But given the context, it's going quite well actually," Mr. Hayward said in a telephone interview.

"My expectation is that this process will bed down and we will see continued oil flowing out of the pipeline and continued tankers being loaded and money being received," he added.

Earlier Thursday, Genel reported a 50% increase in net production for the first half of 2014 to 63,000 barrels of oil equivalent a day and said it would meet its production and revenue targets for the year.

Output net to the company from fields in Kurdistan averaged 84,000 boepd in June because of exports via the pipeline, trucked exports via Turkey, strong domestic demand and an increase of gas deliveries to a power station in Kurdistan, Genel said.

Genel maintained its 2014 production guidance at 60,000-70,000 boepd and revenue forecast at $500 million-$600 million.

wsj.com

Tags: KURDISTAN, OIL, IRAQ, BP, GENEL, ENERGY

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