Genel Energy plc negotiates further with the Kurdistan Regional Government (KRG) over the Iraqi oil field Bina Bawi, according to a press release.
The documentation that requires further negotiation includes a new draft Production Sharing Contract (PSC). This seeks to separate the Jurassic oil development from the deeper Triassic natural gas development, with oil being developed on standard terms for the Kurdistan Region of Iraq.
Despite this further bout of negotiations, Genel has been informed by the KRG that there is no intention to terminate the Bina Bawi PSC. “Genel is continuing to seek a viable and balanced commercial way forward for the development of Bina Bawi’s gas and oil resources, and is constructively engaging with the KRG to accelerate progress,” the company said in the statement adding that it is currently minimising spending on Bina Bawi until concrete progress is made during the negotiations.