|
Genel Energy PLC on Tuesday said it anticipates Tawke domestic market sales to be consistent with production expected to benefit from new drilling in 2026. The London-based oil and gas firm said gross oil production at the Tawke production sharing contract in Kurdistan was 77,270 barrels of oil per day in the fourth quarter of 2025, up 4.2% from 74,140 bopd a year prior. However for the full year 2025, gross output was 70,090 bopd, down 11% on-year from 78,615 bopd. The realised price was $32 per barrel in the fourth quarter, down 5.9% from $34 a year ago. For 2025, the realised price was also $32, down 8.6% from $35 in 2024. The company said it continues to work towards drilling of the ‘highly prospective’ Toosan-1 exploration well in Somaliland. Chief Executive Paul Weir said: ‘There is significant, currently unvalued, potential in our portfolio. On the Tawke PSC, the new drilling campaign is underway targeting the maximisation of production from, and additions to, the existing material reserves base there. In terms of accessing export pricing, the first stage of the new Kurdistan export arrangement has been reported by all participants to be working. We congratulate those stakeholders involved in the significant effort and trust that has resulted in export arrangements reaching this promising stage. We see sustained and consistent execution as a key consideration as we keep export arrangements under review.’ He added: ‘On Block 54 in Oman, preliminary operational work has been completed safely, ahead of time and under budget. Work is ongoing to assess the accumulated data to inform the focus of our activity over the next two years, which will include drilling two wells. In Somaliland, we continue to work with stakeholders to progress to a position where we can drill the potentially transformational Toosan-1 well there. Genel Energy shares were 1.9% higher at 61.14 pence each on Tuesday morning in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
