Genel Energy is likely to significantly increase oil production guidance for Kurdistan in 2019, chief financial officer Esa Ikaheimonen stated, according to The National.
The increased output is expected to come from 11 wells being drilled in the three fields in Kurdistan, eight of which are slated to begin production this year.
Genel announced its production guidance for the first six months of 2018 stood at 32,800 barrels per day (b/d) of crude. “We maintained that guidance … signalling that even with the existing level we would exceed guidance,” Ikaheimonen told Reuters.
“There is a good chance that we enter the new year with a significantly updated level of production,” he added.
However, declining production from the Taq Taq field, Genel’s primary asset meant that the company’s average production is down 13% from 2017.
As well as drilling in existing wells, the company is also embarking on the development of new production in the Bina Bawe field, for which it is preparing to submit development plans to the Kurdish authorities Ikaheimonen stated.
The Bina Bawe oilfield is expected to produce 15,000 bpd by 2020-2021, he added.