Genel Energy PLC on Monday said it sold less oil at a lower price at its Tawke production sharing contract in Kurdistan in the fourth quarter of last year.
The oil & gas company with production assets in the Kurdistan region said working interest average production rose 58% to 19,650 barrels of oil per day in 2024, from 12,410 bopd in 2023.
The average domestic market sale price was for $35 per barrel in 2024, unchanged from 2023.
At Tawke in Kurdistan, gross production in the fourth quarter of 2024 fell 12% to 74,410 bopd from 84,210 in the third quarter. The domestic sale price declined 8.1% on-quarter to $34 per barrel from $37 per barrel.
The working interest output slowed 12% on-quarter to 18,540 bopd from 21,050 bopd.
For 2025, Genel expects Tawke domestic sales demand to be similar to that of 2024.
Chief Executive Officer Paul Weir said: ‘We start 2025 with a business that has all the building blocks necessary to grow and become more successful. Genel has a strong balance sheet, our two producing fields within the Tawke PSC form a world class asset that delivers significant cash generation, even when only selling at heavily discounted domestic prices. Genel has a compact, but highly skilled and motivated work force, dedicated to delivery performance, execution of a growth strategy and pursuit of value accretive acquisitions that will geographically diversify us into reliable and predictable jurisdictions.’
Genel will report 2024 results on March 18.
Genel shares fell 3.7% to 60.36 pence each on Monday morning in London.
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