Mar 30, 2017
Genel losses rise to $1.3bn after asset writedowns
Losses at Genel Energy, the oil company chaired by former BP boss Tony Hayward, increased last year after it wrote down the value of its exploration assets by almost $780m and production fell short of its original expectations. Genel has twice cut estimates about how much oil it can secure from its flagship Kurdistan oilfield called Taq Taq. The shares were up 8.6 per cent at 63.25p in Thursday morning trading as analysts focused on a planned bond buyback by Genel and the improved regularity of payments from the KRG to oil companies for their crude exports. The Taq Taq field, which is located 85km south-east of the Kurdish capital of Erbil, is now estimated by Genel to hold a remaining 59.1m barrels of oil. Murat Özgül, chief executive of Genel, confirmed it was in talks with TEC, the Turkish state-backed energy company, on potential financial assistance for the two gasfields.
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