Saudi Arabia - joining the dots

A series of blog entries exploring Saudi Arabia's role in the oil markets with a brief look at the history of the royal family and politics that dictate and influence the Kingdom's oil policy

AIM - Assets In Market

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Iran negotiations - is the end nigh?

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Yemen: The Islamic Chessboard?

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Acquisition Criteria

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Valuation Series

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Showing posts with label Qara Dagh. Show all posts
Showing posts with label Qara Dagh. Show all posts

Monday 21 January 2019

Genel grows in Kurdistan


Genel is acquiring interests in the Chevron operated Sarta and Qara Dagh blocks.

Genel will acquire a 30% interest in Sarta and will pay 50% of the field development costs until a specific production target is reached; there will also be a production milestone contingent payment – total spend by Genel is estimated at USD60 million. Chevron will retain a 50% interest and the KRG holds the remaining 2% interest which is carried by the oil companies. Sarta currently has three wells with both Sarta-2 and Sarta-3 having flow tested at c.7,500bopd. The first phase of development will produce from these wells with initial export via trucking.

Qara Dagh is an appraisal licence and Genel will acquire a 40% operated interest through a carry. Chevron will retain 40% interest and the KRG holds the remaining 20% interest. The last well (Qara Dagh-1) was drilled in 2011 which showed complex geology. Genel plans to drill Qara Dagh-2 in 2020.

Genel is slowly rebuilding its profile following a series of disastrous downgrades in Kurdistan – this is now behind the company and it is receiving good cash flow from the Tawke production which it can now reinvest in Kurdistan.