As Genel exits Taq Taq field, new hopes for restart
Change in operator could spur new activity at the oil field, which has been offline since 2023 after a steady production decline.
A flare burns at the Taq Taq oil field in 2016. (STAFF/Iraq Oil Report)
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."
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