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Genel, one of a handful of foreign oil producers in Iraqi Kurdistan, has seen its share price drop nearly a quarter since the Sept. 25 vote for Kurdish independence from Iraq, which the central government and western powers have opposed. Iraqi forces have since taken control of some of Kurdistan's biggest oilfields and operations were interrupted for the first time on Wednesday when oil exports through the Kirkuk-Ceyhan pipeline to Turkey more than halved.
Oct (Shenzhen: 000069.SZ - news) 19 (Reuters) - Genel Energy (Other OTC: GEGYF - news) said it was confident the semi-autonomous Kurdistan Regional Government (KRG) in Iraq will continue meeting oil export payments despite tensions with the central government following the region's independence referendum last month. Genel, one of a handful of foreign oil producers in Iraqi Kurdistan, has seen its share price drop nearly a quarter since the Sept. 25 vote for Kurdish independence from Iraq, which the central government and western powers have opposed.
Genel Energy, one of a handful of foreign oil producers in Iraqi Kurdistan, managed to increase cashflow in the third quarter after renegotiating export payments with the Kurdistan Regional Government ...
LONDON, Oct (Shenzhen: 000069.SZ - news) 11 (Reuters) - Foreign oil producers in Iraqi Kurdistan said on Wednesday they received on time monthly payments for crude sales from the local government as it faces threats of sanctions from Baghdad and Turkey following a controversial independence referendum.
OSLO/AMSTERDAM, Aug 24 (Reuters) - Norway's DNO (LSE: 0MHP.L - news) and British-based Genel Energy (Other OTC: GEGYF - news) , have struck deals with Iraq's Kurdistan Regional Government (KRG) to clear outstanding debt and restructure oil export payments, the oil companies said on Thursday. The agreements resolve a long-standing issue between two of the main foreign oil producers in Iraqi Kurdistan and the KRG about overdue payments that had clouded relations and made the firms cautious about further investment in the region. By 0848 GMT, DNO's shares were up 6.5 percent and Genel Energy's rose 6.9 percent.
Iraqi Kurdistan-focused oil producer Genel Energy has appointed an outsider as chief financial officer, diversifying a leadership team that has been dominated by Turkish executives since the departure ...
Genel Energy (Other OTC: GEGYF - news) 's main Taq Taq oil field in Iraqi Kurdistan has seen falling output in 2017 but the rate of decline has slowed recently, the company said in a statement prepared for its annual general meeting on Tuesday. The oil producer said it would target further investment in Taq Taq, and cautioned that "it remains too early to extrapolate long-term conclusions" from oil field's production trends. Genel co-founder Nathaniel Rothschild quit on Monday, joining co-founder Tony Hayward, and chief financial officer Ben Monaghan, who have announced plans to depart.
Genel Energy (Other OTC: GEGYF - news) co-founder Nathaniel Rothschild quit on Monday in the latest high-profile departure at the loss-making Iraqi Kurdistan oil producer, which will now be dominated by Turkish owners and focused on Turkey's gas market. Shares in Genel were down 12 percent at 1517 GMT on news of Rothschild's move, which follows co-founder Tony Hayward, the former BP chief executive, and chief financial officer Ben Monaghan, also announcing their departures in recent months.
Genel Energy (Other OTC: GEGYF - news) co-founder Nathaniel Rothschild has resigned from the Iraqi Kurdistan oil producer, the latest in a series of high-profile departures from the loss-making company. Rothschild's departure follows the resignations of chairman and co-founder Tony Hayward, the former BP chief executive, and of chief financial officer Ben Monaghan, a former J.P. Morgan banker. Although only a non-executive director Rothschild was influential as he still owns a stake of around 7.9 percent in the company.
Middle-East focused DNO made an unexpected return to the North Sea by announcing on Thursday an acquisition of privately-held oil firm Origo Exploration with 11 licenses off Norway and Britain. DNO (LSE: 0MHP.L - news) spun off its Norwegian assets several years ago to focus on exploration in the Middle East and North Africa, becoming the biggest oil producer in the Kurdistan region of Iraq. "The transaction ... fast-tracks DNO's reentry into Norway after a six-year hiatus during which the company has built a successful Middle East presence," DNO said in a statement.
Genel Energy (Other OTC: GEGYF - news) 's chairman and co-founder Tony Hayward is to leave in June and will be replaced by another industry veteran, Stephen Whyte, as the Kurdistan-focused oil company seeks to restore its fortunes after bruising reserve downgrades. Hayward, the 59 year-old former chief executive of BP who resigned in 2010 following the Gulf of Mexico Deepwater Horizon disaster, bought Genel with British financier Nat Rothschild in 2011 with the aim of developing prospects in Iraqi Kurdistan and Africa at a time when oil prices stood above $100 per barrel.
Genel Energy (Other OTC: GEGYF - news) , the oil producer chaired by former BP boss Tony Hayward, expects to strike a gas-export partnership deal with Turkey Energy Company this year, it said on Thursday, as it tries to overcome setbacks in oil exploration. Genel slipped further into the red last year after it again downgraded reserves at its flagship oilfield and weak oil prices ate into profits, it said. Genel announced on Tuesday that reserves at its Taq Taq oilfield had been cut by around 66 percent and that it would suspend the field's full-year production target of 35,000 to 43,000 barrels per day.
Genel Energy (Other OTC: GEGYF - news) , an Iraqi Kurdistan oil producer chaired by former BP boss Tony Hayward, deepened its annual operating loss last year after it further downgraded reserves at its flagship oilfield. Genel said it wrote off $779 million on its exploration assets following the Taq Taq reserves downgrade announced earlier this week, taking it to an annual operating loss of $1.2 billion, worse than the $1.1 billion operating loss made in 2015. Genel's share price fell to an all-time low on Tuesday following its reserve downgrade announcement.
Genel Energy (Other OTC: GEGYF - news) is set to lose its finance chief while still struggling to find a replacement for Chairman Tony Hayward, sources told Reuters, increasing pressure on the company after a second revision to its Kurdish oil reserves sent its shares sliding this week. Together with the collapse in oil prices since 2014, the former leader among international oil and gas exploration and production companies today faces a huge challenge as it shifts its focus to supplying gas to Turkey. Hayward, a former head of BP and one of Genel's co-founders, is planning to step down in June, but the succession issue remains open, with former BG Group (EUREX: 1007667.EX - news) boss Chris Finlayson no longer in the running, industry and company sources said.
Genel Energy (Other OTC: GEGYF - news) 's market value collapsed to an all-time low on Tuesday after it said for a second time that its flagship oilfield contains less crude than expected, dealing another blow to chairman Tony Hayward to rescue the indebted Kurdish producer. Since listing in 2011 and claiming to be the largest independent UK listed firm by reserves, Genel has been hit by a string of unsuccessful exploration campaigns in Africa and reserves at its largest Iraqi Kurdistan field shrinking to just a tenth. Investors who bought into Genel at 11 pounds ($13.8) a share in early 2014 were left with 60 pence on Tuesday as reserve cuts, an oil price collapse and Iraq's fight against Islamic State hammered the stock.
Genel Energy (Other OTC: GEGYF - news) , one of a handful of foreign oil producers in Iraqi Kurdistan, slashed its reserves estimate for Taq Taq, its largest operational field, by about 66 percent and suspended its 2017 gross average production forecast for the field. The company said it expected to book an impairment against the carrying value of its holding in the Taq Taq field by $181 million in its 2016 accounts, blaming significant uncertainties around the oil reserves in the field. Genel estimated that Taq Taq had gross reserves of 59 million barrels of oil as of Feb. 28, down from the 172 million it had estimated in Dec (Shanghai: 600875.SS - news) .
** Stocks of oil producers active in Iraq's Kurdistan rise after Reuters reports details of oil pre-payment deals between Kurdistan, trading houses and Rosneft ** Genel Energy +6.5 pct, DNO +3.2 pct and ...