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Genel expects up to 34 pct drop in 2017 production

Reuters - UK Focus

LONDON, Jan 24 (Reuters) - Genel Energy (Other OTC: GEGYF - news) , one of the main oil producers in Iraqi Kurdistan, expects production to fall by up to 34 percent this year, the company said, as it has been unable to invest enough in expanding its oilfields.

Genel said 2017 production is expected to fall to 35,000-43,000 barrels per day (bpd), down from 53,300 bpd in 2016, the bottom end of its target.

The company, which will publish full-year results on March 30, also said it expected to book a "material impairment" on its Miran and Bina Bawi gas fields, for which it is continuing to seek an investment partner. (Reporting by Karolin Schaps; editing by Jason Neely)