Genel Energy confirms Tawke production volumes

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Genel Energy confirms Tawke production volumes

Genel Energy PLC (LON:GENL) has told investors that production at the 25% owned Tawke and Peshkabir fields averaged 61,493 barrels of oil per day (bopd) and 53,714 bopd, respectively, during the first quarter.

The company noted that following the completion of five development wells across the licence area, three rigs have now been released and drilling equipment has now been stored or demobilised amidst the current challenging market environment.

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A work-over rig continues to service production wells, and a drill rig has been stacked at each field so that they can be mobilised quickly once conditions warrant it, the group added.

At the same time, Genel noted that the Peshkabir-to-Tawke gas capture, transport and reinjection project is complete, and is undergoing commissioning.

Back in March, Genel’s results for the 12 months ended December 31, 2019, confirmed production growth, with net output of 36,250 bopd up from 33,700 bopd in 2018.

Proactiveinvestors.co.uk

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