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Genel Energy profit rises as oil production outlook improves

Reuters - UK Focus

LONDON, March 6 (Reuters) - London-listed oil company Genel Energy posted a year-on-year rise in core earnings on Thursday and said it was on track to increase production levels this year.

The Iraqi Kurdistan-focused company saw profit before tax rise to $186.5 million, up from $75.9 million in 2012.

Genel Energy (Other OTC: GEGYF - news) also expects to raise 2014 oil production levels by 50 percent to 60,000-70,000 barrels of oil equivalent per day on the back of the opening of a new pipeline feeding into Turkey.

"The completion of the KRI oil pipeline has helped to create the platform for a 50 percent increase in production in 2014, with greater access to international pricing," said chief executive Tony Hayward, the former boss of oil major BP (LSE: BP.L - news) .