Chevron and Genel are relinquishing the underperforming Sarta field in Iraqi Kurdistan. Production had disappointed ever since Sarta was first brought online in November 2020 due to complex geology, and the ongoing shut-in of most of Kurdistan’s oil industry was the final nail in the coffin for the field’s developers.
Paul Weir, CEO of London-listed Genel (30%op) told his firm’s 1H earnings call on 2 August that “With Sarta loss-making at its Q1 production levels, a situation greatly exacerbated by a lack of payments [MEES, 10 March], we see no line of sight on Sarta being profitable in its current form,” he stated. (CONTINUED - 919 WORDS)
