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Gulf Keystone Petroleum Share News (GKP)



Share News for Gulf Keystone Petroleum (GKP)


Share Price: 72.00Bid: 71.75Ask: 72.25Change: 0.00 (0.00%)No Movement on Gulf Keystone
Spread: 0.50Spread as %: 0.70%Open: 74.25High: 74.00Low: 71.25Yesterday’s Close: 72.00




UPDATE 1-Exxon spoils Genel's plans for Kurdistan

Thu, 23rd Feb 2012 17:43

By Sarah Young

LONDON, Feb 23 (Reuters) - Genel Energy Plc dropped p
lans to buy oil explorers in Kurdistan after U.S. major Exxon Mobil arrived in the region, pushing valuations up, and is looking to spend its $1.9 billion cash pile elsewhere in the Middle East and in Africa.

The London-listed firm was formed three months ago when former BP Chief Executive Tony Hayward and financier Nathaniel Rothschild's bid vehicle bought Genel Enerji, a Turkish company focused on the semi-autonomous Kurdistan region of Iraq.

Genel had previously said it would be interested in buying Norway's DNO, a company which also has assets in Kurdistan.

'We are not intent on doing another big deal in Kurdistan. Anyone who thinks we're going to go and buy DNO is wrong, we're not,' Genel's chief executive Tony Hayward told reporters at a media briefing on Thursday.

'We don't need any more Kurdistan,' Hayward said, adding that the company was not going to buy British firm Gulf Keystone , another Kurdistan oil explorer which is regularly the subject of takeover rumours.

Hayward said the U-turn was due to Exxon Mobil's entry into the region, the first of the big Western oil groups with a Baghdad contract to invest in Kurdistan.

Exxon's arrival has stoked takeover speculation, pushing up the price of other oil companies.

'The thing that changed it most is Exxon arrived. 100 percent inflation in six months. DNO has doubled, GKP has doubled,' Hayward said.

Hayward said Genel wanted to diversify geographically within the Middle East and Africa and that more than one deal was likely.

'I think we'd be competitively advantaged because of our Turkish brand and our Turkish background in North Africa, because of the role that Turkey's playing in helping those countries create a new future,' he said.



AWAY FROM THE DEALS

Hayward, who was chief executive of BP at the time of the Gulf of Mexico oil spill, won't be distracted by a legal battle involving his former company over damages and liabilities connected to the disaster in 2010.

'I have no involvement, I know nothing about it,' Hayward said when asked about a trial which starts on Monday in New Orleans.

Back in Kurdistan, Genel does not export oil from its giant fields in the northern most part of the region, due to a feud between the Kurdistan Regional Government and the Arab-dominated central government of Iraq over territory and oil rights.

As a result it is restricted to selling into Kurdistan's domestic market, where oil is sold for around $60 per barrel, half the current price of Brent crude, reducing the firm's potential revenues by between $50 million and $100 million.

Hayward said he was not worried by Genel's reliance on Kurdistan's domestic market for oil sales, although he noted that the political situation in Iraq had worsened in recent months, potentially pushing out the timeframe for agreement between Baghdad and Kurdistan over oil exports.

'We are planning our business on the basis of domestic sales for 2012. The domestic market is deep, robust, and is providing us with a very significant source of revenue,' Hayward said.

Genel said it was expecting revenues of between $250 million and $300 million from its Kurdistan oil sales in 2012.



(Additional reporting by Tom Bergin; Editing by Neil Maidment) Keywords: GENEL/

(sarah.young@thomsonreuters.com)(+44 20 7542 1109)(Reuters Messaging: sarah.young.thomsonreuters@reuters.net)

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Copyright Thomson Reuters 2012. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.







UPDATE 1-Oil workers return to Iraqi Kurdistan after UK lowers travel warning

(Adds Britain lowering travel advice, oil companies' updates)LONDON, Sept 3 (Reuters) - Britain on Wednesday lowered its travel warning for Arbil in I
[3 Sep '14]

Gulf Keystone returns foreign staff to Kurdistan this week

LONDON, Sept 3 (Reuters) - Oil producer Gulf Keystone Petroleum said on Wednesday it was returning some of its international contractors to Iraqi Kurd
[3 Sep '14]

UPDATE 1-Gulf Keystone may delay Shaikan oilfield output rise to 2015

(Adds CEO comments, details)LONDON, Aug 28 (Reuters) - Oil producer Gulf Keystone Petroleum said a production increase at its flagship Shaikan oilfiel
[28 Aug '14]

Gulf Keystone may delay Shaikan oil field ramp-up on lack of staff

LONDON, Aug 28 (Reuters) - Oil producer Gulf Keystone Petroleum said a production ramp-up at its flagship Shaikan oil field in Iraqi Kurdistan may be
[28 Aug '14]

UPDATE 2-Iraqi Kurdistan oil firms pull out staff, shares fall

(Adds Marathon Oil evacuations)By David Sheppard and Karolin SchapsLONDON, Aug 8 (Reuters) - Oil companies in Iraqi Kurdistan withdrew more staff on F
[8 Aug '14]

Britain tells citizens to leave Iraqi Kurdistan capital Arbil

LONDON, Aug 8 (Reuters) - The British government told its citizens to leave parts of Iraqi Kurdistan, including the regional capital Arbil, on Friday
[8 Aug '14]

REFILE-Militant advance disrupts oil production in Iraqi Kurdistan

(Amends sign-off, reference to Genel staff)By Karolin SchapsLONDON, Aug 8 (Reuters) - Oil companies in Iraqi Kurdistan began to withdraw more staff on
[8 Aug '14]

UPDATE 2-Afren shuts first Kurdish oilfield, shares drop

(Adds share price reactions, analyst comment)LONDON, Aug 8 (Reuters) - Oil company Afren has suspended output at its Barda Rash oilfield in Iraqi Kurd
[8 Aug '14]



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