Nov 14 2011 |
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Genel Energy Eying 120,000 b/d From Iraq's Taq Taq Field In 2012-Founder
Monday, Nov 14, 2011
(This item was first published Sunday.)
By Hassan Hafidh
Of DOW JONES NEWSWIRES
ERBIL, Iraq (Dow Jones)--Genel Energy PLC is expected to raise output from Kurdistan's Taq Taq oil field in northern Iraq to 120,000 barrels a day next year from the current 90,000 b/d, the soon-to-be chief executive officer of the firm Tony Hayward said Sunday.
Hayward, the former BP PLC CEO, also said that Genel Energy, formed in September when his investment vehicle Vallares PLC (VLRS.LN) merged with Turkey's Genel Energy International Ltd., is targeting some 200,000 b/d output from Taq Taq in two to three years from now.
That output increase would be the result of further investments and construction of an export pipeline, he told a news conference on the sidelines of an energy meeting organized by the London-based CWC Group in Erbil, northern Iraq.
"We completed the engineering of the pipeline and we are in the market for an EPC contract," Hayward said.
Hayward will be officially the CEO of Genel Energy on Nov. 21 when his company will be listed on the London Stock Exchange.
He was replaced as BP 's chief executive last year after the Deep Water Horizon disaster and Gulf of Mexico oil spill.
Current Genel Energy chief executive Mehmet Sepil will become president of the newly enlarged firm.
Hayward said Genel Energy would seek new opportunities in the Middle East and North Africa, including Libya.
Genel has stakes in the Taq Taq and the Tawke oil fields in Kurdistan in northern Iraq. It also has a major gas-condensate discovery and significant exploration in the Kurdish region.
Taq Taq reserves are estimated at 1 billion barrels, HayWard said.
-By Hassan Hafidh, Dow Jones Newswires; +962 799 831 831
(END) Dow Jones Newswires
14-11-11 0414GMT
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