Genel ups oil output target

KURDISTAN-focused Genel Energy yesterday upped its production guidance for 2012 to 45,000 barrels of oil per day, following the resumption of export sales in August.

The company, run by former BP chief executive Tony Hayward, expects production from its oilfields Taq Taq and Tawke to reach 90,000 and 75,000 barrels of oil a day.

Despite the increased production guidance, sales revenues guidance for the full year has been left unchanged.

Genel added it will pursue further opportunities in Kurdistan and look at further acquisitions of high impact exploration assets in the Middle East and Africa.