The company intends to expand its work in the field of investment of natural gas from the fields of the Kurdistan Region to compensate for the decline of oil reserves in the field of Taq Taq, which is working to develop the province.
The company said in a statement that it is currently negotiating with the Turkish Energy Company to partner with them in the exploitation of natural gas fields in the Kurdistan Region.
The latest financial report of the company showed that it is in a bad financial situation during the last three years due to the decline in oil prices and the decrease in the amount of oil reserves in the main field in the Kurdistan Region, the field of Taq Taq, for the second time.
The level of oil production in the field of Taq Taq decreased by 37% compared to 2015 by 50 thousand barrels per day.
The company is working to focus its investments towards the development of natural gas fields in the Kurdistan Region.
“Because of the improvement of the natural gas market and the existence of a previous agreement between the Kurdistan Regional Government and Turkey to export natural gas, the company’s new strategy in 2017 is to find a partner to develop natural gas projects and the extension of gas export pipelines from the Kurdistan Region.”
“The development of the Binh Baui and Miran natural gas fields can completely transform the work of Genel Energy into the main natural gas company in the Kurdistan Region,” said Murad Ozkul, the company’s chief executive.