Genel Energy Sees Increased Estimates for Fields in Iraqi Kurdistan

Genel Energy, Anglo-Turkish exploration and production company, confirmed its intention to increase its estimate for the gas in place in Iraqi Kurdistan.

The Financial Times wrote on Tuesday that the company is expected to announce that Miran and Bina Bawi gas fields hold between 8 and 18 trillion cubic feet of gas, ‘at least twice previous estimates of the fields’ gross gas resource.’ 

“There are no numbers formally available beyond those in yesterday’s half year results announcement, but the broad thrust of the article in the FT is correct,” said a company’s spokesperson.

In the note reporting the results for the first six months of the year, the UK-based company wrote that Miran holds 3.8 tcf of recoverable gas resources. Genel Energy is the operator of the field, holding 100% of the licence.  

OMV is the operator of Bina Bawi, while Genel holds 44% of the working interest in the field. Genel wrote that the appraisal programme is on-going and that the latest estimates indicate gross mean recoverable gas resources in a range of 4.4 and 7.7 tcf.

‘Taken together, Miran and Bina Bawi represent a world class gas position with mean gross recoverable resources estimated at 8 tcf with upside to 14 tcf between the two fields, excluding additional exploration potential in the deeper Miran horizons,’ reads the half year unaudited results, referring to the two fields in Iraq.

The company registered a 31% growth in revenue from the first half of last year, with a parallel 7% increase in net working interest production.