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Genel will continue sending Iraq oil exports as revenue to exceed plans

20 Jan 2013
Genel Energy Plc (GENL), which is the biggest oil producer in Iraq’s northern Kurdish region, announced recently that it is going to continue sending the crude exports to Turkey and that revenue will exceed guidance. The company will report sales of approximately $ 300 million for 2012, ahead of anticipations for revenue of as much $ 300 million, the company stated in a statement in London on Friday (18th January, 2013). The output of the company was 44,500 barrels of oil a day last year. Tony Hayward, who is the Chief Executive Officer, the former BP Plc (BP/) CEO, this month started sending trucks of crude to Turkey after a dispute between the Kurdistan Regional Government and Iraq’s central government in Baghdad over tax revenue delayed export payments. The Turkish refined products will be received by the Kurdish authorities in exchange and pay Genel, Hayward said last week. Hayward expressed in a statement that they are today exporting oil to Turkey in agreement with the authority granted to us by the Kurdistan Regional Government. The company is well placed to take advantage of regional openings for a wider export market as the political situation continues to extend. Genel shares rose 20 pence, or 2.6 %, to 800 pence in London trading. Export volumes to Turkey are at present small and will grow to around 20,000 barrels per day over the next six to eight weeks, the company said. The company received partial payment of $ 132 million on 3rd December for earlier exports, it said. Capital expense was $ 230 million last year, funded from cash flow from Kurdistan actions, it said. Expenditure this year will jump to $ 400 million to $ 500 million and the company has about $ 1 billion of cash on its books. Genel has plans for drilling three wells in Kurdistan in the first half of 2013, targeting above 750 million barrels. Source: [Bloomberg]
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