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(Alliance News) - Genel Energy PLC on Thursday reported the first quarterly increase in production at the its Tawke field since 2015.
Genel is a London-based oil company focused on the Kurdistan region, it holds a 25% working interest in Tawke PSC located in the Kurdistan region of Iraq.
According to DNO ASA, Norwegian oil firm and operator of the onshore Tawke, gross production during the second quarter averaged 106,900 barrels of oil per day, split between the Tawke and Peshkabir fields, which contributed 62,300 bopd and 44,600 bopd, receptively. It noted that the latter is the first quarterly production increase since 2015.
It added that during the second quarter, four new production wells were brought onstream on the Tawke licence with three at Tawke and one at Peshkabir.
"Together with wells drilled in the first quarter, natural field decline has been arrested and reversed, including at Tawke, raising DNO's full-year projection to 107,000 to 109,000 bopd, previously 105,000 bopd," Genel said.
Looking ahead, Genel's production guidance for 2022 is unchanged, with net portfolio production currently expected to be between 30,000 and 31,000 bopd for the full-year.
Genel Energy shares closed 1.3% higher at 139.57 pence each in London on Thursday.
By Sophie Rose; sophierose@alliancenews.com
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