Genel sees output rise

Reason to smile: Genel chief executive Tony Hayward expects revenues for 2012 to be ahead of the company's previous guidance

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Josh Lewis

 18 January 2013 07:54 GMT

London-listed Genel Energy saw output climb in 2012 and expects full year revenue to be ahead of its previous guidance.

The company’s average net working interest production for the 12 months to 31 December was 44,500 barrels of oil per day, up from 42,000 bpd in 2011.

All of the production came from Genel’s two producing assets in the Kurdistan region of Iraq, Taq Taq and Tawke, with output being sold into both the domestic and export markets.

Genel noted that full year revenue was expected to total about $330 million, ahead of its previous guidance, and includes $132 million it received last month from the Kurdistan Regional Government as part of…

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