Tony Hayward, the chief executive of Genel Energy (LON:GENL), insists Kurdistan, where Genel operates, is a ‘secure and stable’ place to do business despite the threat of terrorism in the region. Ex-BP CEO Hayward explains how he ‘wouldn’t for a moment change 29 years’ at the oil giant, hints at possible acquisitions for Genel, and also talks about the differences of working for a smaller oil group.
I calculate the Miran gas field will pay them around $10 billion over its lifetime (fixed price of 78 c per thousand cf). 100% of oil from the field is used to pay Genel's development costs, thereafter 50%. Oil production from Tawke and Tak Tak up 50% over last year and projected to be up 50% next year. Extraction costs among the lowest anywhere. Pipeline capacity well in excess of production potential (no $25 per barrel trucking costs). The share price went down initially - of course. Stands to reason, doesn't it?
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