Genel Energy’s Kurdistan production jumps after pipeline opens

|About: Genel Energy PLC (GEGYF)|By:, SA News Editor

Genel Energy (GEGYF) says production jumped in June to 84K bbl/day vs. a 63K bbl/day rate for all of H1, after Iraq’s Kurdistan region opened an export pipeline to Turkey.

The pipeline, which bypasses the central Iraqi network, will allow Kurdistan to raise exports to 200K-250K bbl/day this month from 125K barrels early last month, with shipments possibly increasing to 400K bbl/day by the end of the year.

Kurdistan, which plans a referendum on independence from Iraq, has largely remained calm as Islamist militants fight to the south and west; Genel says its operations remain safe and secure.