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Genel Energy - Tawke field produced 120,000 barrels a day in May

Published: 19:29 05 Jun 2014 AEST

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Average daily monthly production from Genel Energy’s (LON:GENL) 25% owned Tawke field exceeded 100,000 barrels per day for the first time in May.

DNO International, Tawke’s operator, has revealed production in May averaged 120,021 barrels per day. Around 40% of the produced crude was delivered into the new export pipeline, whilst the other 60% was sold locally into the domestic market.

DNO also told investors that it is on schedule to increase the Tawke field’s ‘deliverability’ to 200,000 barrels per day by year end.

Last month, the Kurdistan Regional Government (KRG) announced the start of export shipments from the Turkish port of Ceyhan. The first sale was for more than 1mln barrels of crude, which was produced at Tawke and the Taq Taq field (which is 44% owned by Genel).

The KRG released the crude for export sale without permission from Baghdad, and it said the shipment would be the first of many.

Oil began flowing through the pipeline – which has capacity for 300,000 barrels per day – at the turn of the year and more than 2.5mln barrels of crude had amassed at the Turkish port whilst an agreement on oil rights was sought between the KRG and Baghdad.