Iraq-focused oil explorer Genel Energy (GENL),which is run by BP's former chief, Tony Hayward, says 2012's production averaged 44,500 barrels per day, 6 per cent up on the year. All the output came from Genel's two producing assets in Kurdistan: Taq Taq and Tawke. Genel now expects 2012's revenue to be ahead of its previous guidance at about $330m (£204m), including $132m received last month from the Kurdistan Regional Government (KRG) as partial remittance for unpaid exports.
But Genel has switched its focus back to the domestic market – realising prices at above $70 a barrel – due to a dispute with Iraqi officials. The group began reducing exports in mid-November over uncertainty about a second payment for exports owed by the Federal Government of Iraq.
