Genel’s attempts to diversify its Kurdistan operations are petering out. In an operations update this week, the London-listed firm acknowledged that after disappointing results at its Sarta block (MEES, 16 December 2022), capex on the asset is being cut this year. Gross Sarta output fell from 6,400 b/d to 4,710 b/d last year as appraisal wells flopped.
The firm now says “Genel’s focus is on making ongoing production from Sarta profitable, with any further capital investment contingent on both license profitability and the extent to which there can be confidence that such investment can add cash generative production.” (CONTINUED - 278 WORDS)