Genel Energy announces production start-up at Sarta-2 well in Iraq

Gnel ENergy 8 MarchGenel Energy plc has announced that the Sarta-2 well has entered production at the Sarta field (Genel 30% working interest), with gross field production now in excess of 10,000 bopd

Genel expects this figure to increase from the existing two producing wells, as optimisation of facilities configuration continues post production start-up.

The high-impact 2021 appraisal drilling campaign is on track to begin at the start of the Q2, with the Sarta5 and Sarta-6 wells set to be drilled back to back.

Genel reached agreement to acquire stakes in the Chevron operated Sarta block, in the Kurdistan Region of Iraq, in January 2019. The production began in November 2020.

Genel acquired 30% equity in the Sarta licence by paying a 50% share of ongoing field development costs until a specific production target is reached, together with a success fee payable on achievement of a production milestone. Chevron retains a 50% interest in the Sarta licence and the Kurdistan Regional Government hold the remaining 20%.

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