Latest news with #GenelEnergy
Zawya
13-05-2025
- Business
- Zawya
Oman: OQEP accelerates upstream investments and LNG growth in Q1
MUSCAT: OQ Exploration and Production (OQEP), one of Oman's leading oil and gas operators, has made strategic headway in expanding its upstream portfolio and diversifying energy assets during the first quarter of 2025, setting the stage for long-term production growth and low-carbon energy initiatives. With a robust portfolio of 14 upstream assets across the Sultanate of Oman — nine of which are producing — OQEP operates or partners in a range of concessions at various stages of development. The company's recent activities underscore its dual strategy of optimising oil and gas production while opening new frontiers for exploration and sustainable energy. UNLOCKING NEW INVESTMENT OPPORTUNITIESA key development in Q1 2025 was OQEP's collaboration with the Ministry of Energy and Minerals; and global investment bank Scotiabank to market Blocks 36, 43A and 66. These are part of a broader set of 11 blocks the Ministry plans to offer to investors through 2025–2026. OQEP's central role in this effort reinforces its position as a gateway for upstream investment into Oman's petroleum sector. In March, OQEP signed an Exploration and Production Sharing Agreement (EPSA) for Block 54 with the Ministry and London-listed Genel Energy. Under a joint operating agreement, OQEP will lead operations with a 60% stake, while Genel holds the remaining 40% as a non-operator. This marks Genel's first venture into Oman, lured by the country's stable regulatory environment. The Karawan Concession, spanning 5,632 km² in the South Oman Salt Basin, is underexplored but adjacent to productive fields. Both parties plan to invest up to $25 million in early-phase activities including seismic surveys and well testing over the next three years. ADVANCING EXPLORATION IN BLOCK 47Another significant milestone was the extension of Phase 1 exploration at Block 47, jointly operated with ENI Oman BV. The Najid-1 exploration well, spudded in February 2025, is expected to determine the commerciality of promising gas prospects. The six-month extension, agreed with the Ministry in April, will allow for deeper evaluation and, if successful, may lead to a second development phase. BOOSTING OIL OUTPUT FROM BLOCK 60OQEP also reported 86% progress in the Bisat C Expansion at Block 60 — its flagship oil asset, contributing 17% of the company's Q1 production. Once completed, the expansion will add 37,000 barrels per day (bpd) in oil processing capacity and 400,000 bpd in water treatment. Commissioning is targeted for Q3 2025, solidifying Block 60's role as a core revenue generator. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Iraq Business
08-05-2025
- Business
- Iraq Business
Genel Energy issues Trading and Ops Update
By John Lee. Genel Energy has issued a trading and operations update relating to Q1 2025. Regarding the company's operations in Iraqi Kurdistan, it said: Kurdistan Region of Iraq Operations Gross production of 82,081 bopd in Q1 2025 (increased from 74,140 bopd in Q4 2024) from the Tawke license Working interest production of 20,520 bopd (up from 18,540 bopd in Q4 2024) Q1 2025 sales price remained consistent at around $35/bbl Exit from Sarta and Qara Dagh licenses has been approved by the Kurdistan Regional Government (KRG) Tawke PSC (Production Sharing Contract) continues to deliver consistent production and generate significant cash flow despite discounted domestic sales prices Tawke and Peshkabir fields demonstrate strong operational performance and cost efficiency compared to other fields in the region Financial Matters Related to Kurdistan Balances with KRG have changed: Gross reported nominal receivables decreased to $99 million (from $107 million at YE2024) Payables reduced to around $40 million (from around $50 million at YE2024) Arbitration costs award made by the Tribunal for amounts owed to the KRG by Genel Energy Miran Bina Bawi Limited is approximately $27 million (reduced from $36 million claimed by KRG) GEMBBL has appealed this costs award to the High Court Iraq-Turkey Pipeline Situation Talks between the Kurdistan Regional Government and Federal Government of Iraq and Ministry of Oil regarding the Iraq-Türkiye Pipeline are ongoing No material progress has been made since March 2025 The timing of the resumption of exports remains uncertain Full statement from Genel Energy: Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update relating to Q1 2025, ahead of the Company's Annual General Meeting, which is being held today. Paul Weir, Chief Executive of Genel, said: " In line with expectations, the Tawke PSC continues to deliver consistent, reliable production and generate significant cash flow even at the discounted domestic sales prices. The operational performance delivered from the Tawke and Peshkabir fields, together with the significant cost efficiency, continues to set these fields apart from others in the region. "Our entry into Block 54 in Oman is expected to complete in the coming weeks, with first substantial work programme activity commencing around the end of the year. "We continue to work towards diversifying our production, both through expansion of our footprint in Oman as well as the purchase of new assets in other preferred jurisdictions. We addressed the maturity of our bond debt by calling the old bond and issuing a new $100 million bond, thereby increasing available cash and putting in place a capital structure that can provide funding towards delivery on our strategic objectives, regardless of whatever uncertainties may face the business at the macro-economic level. " KURDISTAN Gross production of 82,081 bopd in Q1 2025 (Q4 2024: 74,140 bopd) from the Tawke licence where performance continues to be robust and domestic sales demand reliable Working interest production of 20,520 bopd (Q4 2024: 18,540 bopd) Q1 2025 sales price has been consistent with the previous quarter around $35/bbl Exit from the Sarta and Qara Dagh licences has now been approved by the KRG, in the form of relinquishment and termination agreements with minimal residual potential liabilities OMAN As previously announced, we are delighted to have entered Oman through the award of an interest in Block 54 Royal Decree is expected in the coming weeks and we are working with OQEP, the operator, on planned activity for the second half of the year SOMALILAND On SL10B13 in Somaliland, we continue to work towards achieving conditions that support drilling of the highly prospective Toosan-1 exploration well MOROCCO We have informed ONHYM that we will not be extending beyond the Initial Period of the Lagzira licence to the First Extension Period, and consequently will be abandoning the licence in June 2025 FINANCIAL Net cash of $135 million at 31 March 2025 (YE2024: $131 million) Q1 2025 free cash flow of $5 million (Q4 2024: $1 million free cash outflow) Ahead of guidance due to higher production and some timing differences on spend Tawke free cash flow expected to cover organisational costs this year No spend to date on Oman Cash of $201 million at 31 March 2025 (YE2024: $196 million) In April the Company called $66 million of bonds maturing October 2025 and issued a new $100 million bond maturing April 2030 Balances with KRG Both receivable and payables have reduced as a result of the exit from Sarta and Qara Dagh Gross reported nominal receivables of $99 million, reduced from $107 million at YE2024 Payables of around $40 million, reduced from around $50m million at YE2024 The arbitration costs award made by the Tribunal for amounts owed to the KRG by Genel Energy Miran Bina Bawi Limited ("GEMBBL") is circa $27 million, reduced from the circa $36 million claimed by the KRG GEMBBL has appealed this costs award to the High Court on the grounds that, because the KRG did not provide any breakdown of the amounts claimed by reference to any items of work, the Arbitration Tribunal was unable to assess the reasonableness and proportionality of the recoverable costs and consequently did not have jurisdiction to make an award OUTLOOK Tawke free cash flow at current production and prices is expected to continue to cover organisational costs, with net cash at year-end expected to be about the same as the start of the year Following our entry into Oman, there will be some direct capital investment this year as we work towards testing previously discovered resource Talks between the Kurdistan Regional Government and Federal Government of Iraq and Ministry of Oil regarding the Iraq-Türkiye Pipeline are ongoing, but no material progress has been made since March and the timing of the resumption of exports remains uncertain (Source: Genel Energy)
Rudaw Net
05-04-2025
- Climate
- Rudaw Net
Heavy hail sends five to hospital in Soran
Also in Kurdistan Yazidis visit Lalish for Sefra Nan u Mast ritual Yezidi spiritual leader in hospital after suffering stroke Fire burns dozens of shops in Sulaimani bazaar Court orders Genel Energy to pay KRG $26.8 million in costs A+ A- ERBIL, Kurdistan Region - Heavy hail in the Soran district of Erbil province on Saturday injured five people and caused widespread damage to cars, homes, and crops, an official told Rudaw. All five suffered head injuries and were taken to Rawanduz Hospital, "three of them had their heads stitched," Hezhar Hakim, director of communications for the independent Soran administration, told Rudaw. Rain and hail fell across much of the Kurdistan Region on Saturday. In Soran, large hailstones shattered windshields, broke house windows, killed numerous birds, and damaged agricultural crops, especially apricot and plum trees, according to Hakim. Authorities warned people to avoid going outside. 'We are notifying all citizens that while the wave of rain and hail continues, they should protect their belongings and avoid going outside or traveling unless absolutely necessary,' Halgurd Sheikh Najib, supervisor of the Soran administration, told Rudaw. 'There are some areas in the Soran administration that are at risk of collapse, such as the Bekhal Road valley, the Mergasor area, Hamilton Road, and mountainous regions. If not absolutely necessary, avoid traveling, especially on these roads,' he added.
Rudaw Net
05-04-2025
- General
- Rudaw Net
Yazidis visit Lalish for Sefra Nan u Mast ritual
Also in Kurdistan Yezidi spiritual leader in hospital after suffering stroke Fire burns dozens of shops in Sulaimani bazaar Court orders Genel Energy to pay KRG $26.8 million in costs Gorran's rival factions announce different dates for party congress A+ A- ERBIL, Kurdistan Region - Yazidis brought bread and yogurt to the holy Lalish Temple as part of the centuries-old Sefra Nan u Mast tradition ahead of their new year. 'This is the path of our ancestors. Our forefathers preserved this and we are obligated to preserve this path like them. A person is known by their nature. No matter what happens, one should not abandon the traditions of their ancestors. One must follow in the footsteps of their forefathers,' Nafia Asfar, a Yazidi woman taking part in the ceremony, told Rudaw on Saturday. The Yazidi faithful carrying offerings of bread (nan) and yogurt (mast) were met by the religious leader Baba Chawish. The yogurt offerings are handed over to Nala Faqiri, the temple caretaker, and a portion is used to prepare dough. This is done by mixing it with water drawn from the sacred Zamzam and Kaniya Spi springs, which hold significance in Yazidi traditions. The bread is placed in a designated sacred area within the temple. As part of the ritual, a portion of the bread is ceremonially sprinkled with water. 'It's very nice that all the villagers gather together and we pray for ourselves. God willing, may it be a year of goodness and happiness,' said Zawra Mirza, another Yazidi woman participating in the ritual. The ceremony concludes with traditional dancing. These ancient practices passed down through generations reflect the enduring cultural and spiritual heritage of the Yazidi people. The Yazidis have endured years of suffering under the Islamic State (ISIS), losing many loved ones to the group's violent acts. ISIS militants abducted more than 6,000 Yazidis, mainly young women and children, when in 2014 they seized control of Shingal in northern Iraq. The fate of 2,832 of them remains unknown, according to the most recent statistics from the Office of Rescuing Abducted Yazidis, which is affiliated with the Kurdistan Region Presidency. The office has also documented 93 mass graves of Yazidis who were killed by ISIS militants between 2014 and 2017.
Rudaw Net
05-04-2025
- Health
- Rudaw Net
Yezidi spiritual leader in hospital after suffering stroke
Also in Kurdistan Yazidis visit Lalish for Sefra Nan u Mast ritual Fire burns dozens of shops in Sulaimani bazaar Court orders Genel Energy to pay KRG $26.8 million in costs Gorran's rival factions announce different dates for party congress A+ A- ERBIL, Kurdistan Region - Yazidi spiritual leader Sheikh Ali Ilyas is in stable condition after suffering a stroke, his attending physician stated on Saturday. "The stroke was mild and he is now under observation," Dr. Mohammed Aziz told Rudaw's Naif Ramadan from the private hospital in Duhok where the Yazidi spiritual leader is being treated. His health deteriorated Friday night. Ilyas holds the position of Baba Sheikh, which is the title given to the Yazidi supreme spiritual leader. He was appointed in late 2020 by Yazidi community leader Mir Tahsin Bag, following the death of his predecessor Khurto Hajji Ismail. Aziz said high blood cholesterol levels, stress, and smoking were contributing factors behind the stroke. 'He smokes around 40 cigarettes [a day],' he added. Ilyas will remain in the hospital for three to four more days, but his condition 'does not require treatment from outside the country,' the doctor added. Ilyas was born in Shekhan, Duhok province in 1979. His father served as the spiritual leader from 1978 to 1995. He was inaugurated during a ceremony at the holy temple of Lalish in November 2020, attended by some 5,000 Yazidis from across the Kurdistan Region and Iraq. The Baba Sheikh told Rudaw at that time that the return of thousands of Yazidis kidnapped by the Islamic State (ISIS) in 2014 would be a priority for him. He said the kidnapped women are 'holy' and 'I will carry their message wherever I go.' His predecessor made an unprecedented decision to welcome back women and girls who had been raped by ISIS, breaking with the tradition that forbids relationships with non-Yazidis.
