The Iraqi-focused producer Genel Energy plans to increase production in 2019 through the exploration of three more wells in Kurdistan’s Taq Taq field, Pipeline Oil an Gas Magazine reported.
Genel Energy production from TaqTaq and Tawke oilfields reached around 33,690 barrels per day (b/d) in 2018, with around 36,920 b/d at the Q4 2018. For 2019, the company expects having a production record close to the one achieved in the Q4 2018.
The company decided to boost production after generating material free cash flow during last year.
“2018 was a very positive year for Genel, which saw us generate material cash flow and further transform the balance sheet. An expected year-on-year increase in the production means we are set to continue this performance in 2019 with low-cost assets forecast to generate over $100 million in free cash flow even if the oil price averages $45 per barrel,” Murat Özgül, Genel CEO, said.