(Alliance News) - Iraq-focused oil producer Genel Energy PLC on Thursday said a new processing facility is to be built at the Sarta field.
Chevron Sarta, which operates the field in which Genel owns 30%, has signed a contract with OILSERV to build, operate, and maintain a processing facility capable of processing 20,000 barrels of oil a day.
Genel said commissioning and production start-up for the facility remains on track for the middle of 2020.
The Sarta field is in Iraq's Kurdistan region, the same Genel's other assets like Tawke and Taq Taq. Hydrocarbons have been found after four exploration wells were drilled, from the Tertiary period down to the Triassic period.
Genel shares were 2.6% higher on Thursday at a price of 190.00 pence each.
Genel Energy (GENL)