As Genel exits Taq Taq field, new hopes for restart

ERBIL/SULAIMANIYA - London-listed Genel Energy is exiting the Taq Taq oil field in the Kurdistan region, ending the company's involvement at the field after 22 years and potentially paving the way for the project to resume production after nearly two years offline.

In a Jan. 27 statement to the London Stock Exchange, Genel said it has agreed to divest from Taq Taq, with the transaction now subject to the Kurdistan Regional Government's (KRG) approval. The divestment "will remove the risk of any residual decommissioning liabilities," Genel said, and is part of what the company described as a two-year rationalization of the company's portfolio, including "the divestment or relinquishment of unprofitable assets."