Genel Energy on track for year

Kurdistan-focused oil explorer Genel Energy, which has former BP boss Tony Hayward as its chief executive, yesterday said production jumped 35 per cent in the first quarter and that it remains on track to meet full-year production and revenue guidance of 60,000 to 70,000 barrels of oil per day and revenue of between $500m (£297m) and 600m. The London-listed company said that it plans to spend $550m to $600m this year to accommodate drilling activity in Angola.