(Alliance News) - Genel Energy PLC on Tuesday reported an increase in production from both of the fields on Kurdistan's Tawke licence.
Overall production from the two licences for 2019 was 124,000 barrels of oil per day on average, up 9.6% from the figure the year before. Fourth-quarter production was 2.5% higher on the prior quarter at 122,800 barrels a day.
Tawke's 2019 production was 68,800 barrels a day, with Peshkabir delivering 55,200 barrels. Wells drilled during the year contributed to 13% of Tawke's production, and 40% of Peshkabir's.
A gas injection project, which is designed to increase oil recovery rates at Tawke and to also eliminate the need for flaring at Peshkabir is scheduled for completion in March, Genel noted.
London-based Genel has a 25% interest in the Tawke production sharing contract, which is operated by Norwegian energy company DNO ASA.
Genel will issue a trading update on Thursday this week. Shares were 0.3% higher early Tuesday in London at 181.20 pence each.
By George Collard; georgecollard@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Genel Energy (GENL)