• 16 hours Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 17 hours Oil Gains Spur Growth In Canada’s Oil Cities
  • 18 hours China To Take 5% Of Rosneft’s Output In New Deal
  • 18 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 19 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 20 hours VW Fails To Secure Critical Commodity For EVs
  • 21 hours Enbridge Pipeline Expansion Finally Approved
  • 22 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 23 hours OPEC Oil Deal Compliance Falls To 86%
  • 2 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 2 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 2 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 2 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 2 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 2 days Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 5 days Texas Shutters More Coal-Fired Plants
  • 5 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 5 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 5 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 6 days Husky Energy Set To Restart Pipeline
  • 6 days Russia, Morocco Sign String Of Energy And Military Deals
  • 6 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 6 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 6 days India Needs Help To Boost Oil Production
  • 6 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 6 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 6 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 6 days District Judge Rules Dakota Access Can Continue Operating
  • 7 days Surprise Oil Inventory Build Shocks Markets
  • 7 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 7 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 7 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 7 days Oil M&A Deals Set To Rise
  • 7 days South Sudan Tightens Oil Industry Security
  • 8 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 8 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 8 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years

Genel Energy Shares Up on Kurdistan Pipeline

Shares in Anglo-Turkish Genel Energy were up almost 5% this week on news of progress on the last segment of a pipeline running directly from the Kurdistan Region of Iraq (KRI) to Turkey, bypassing Baghdad.

The rise comes after a slight drop of 3.5% the week prior after a series of explosions targeted the otherwise highly secure Kurdish capital of Erbil on 29 September.

The pipeline from Genel’s Taq Taq field to Fishkabur on the Turkish border is very close to completion, and welding is now in sight of the pumping station.

Related article: Montney for Cash Flow, Duvernay for Bluesky

“We expect the entire system, capable initially of exporting some 300,000 barrels a day, to be fully operational around the end of the year,” Genel CEO Tony Hayward told Oilprice.com. “This will be a major inflection point for the Kurdistan Region of Iraq and of course for Genel, allowing us to increase production and realize international prices for our exports.”

Developments at Taq Taq and Tawke are on track to deliver 140,000 barrels a day of working interest production capacity by year end-2014.

Earlier this month, Genel signed a landmark agreement with partner DNO International to supply the first commercial gas from Kurdistan. According to the agreement, around 100 million cubic feet of gas per day from the Summail field in the Dohuk license will be sold on a take-or-pay basis for the duration of the production-sharing contract, or until deliveries reach one trillion cubic feet. The price of gas will range between $3 and $4 per thousand cubic feet over the life of the contract.

Related article: China, Japan and Chekhov's Gun—Where Does Fracking Fit In?

On Wednesday, analysts at Citigroup Inc. issued a report to clients restating a “buy” rating for Genel’s stock. They currently have a GBX 1,150 ($18.55) target price on the stock. Citigroup Inc.’s price objective would suggest a potential upside of 22.28% from the stock’s previous close.

On 29 September, a series of explosions targeting the headquarters of the Kurdish security forces left six people dead. Investor confidence has shown little sign of wavering over Kurdistan, despite the attack. This is the first such incident in Kurdistan since 2007.

By. Charles Kennedy of Oilprice.com




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News