Genel Gets Extra Time for KRG Gas Project
UK and Norway-listed Genel Energy and the Kurdistan Regional Government have agreed a 12-month extension of the terms for developing the Bina Bawi and Miran gas fields in northern Iraq.
The two signed gas lifting agreements in February 2017 and the new date by which the conditions precedent are to be satisfied or waived is now February 9, 2019, Genel said January 23.
Those terms included final agreements on the midstream gas processing facilities and pipeline transportation, and the completion of updated competent person's reports (CPRs) for the gas resources at both fields. It added that those CPRs have been recently completed, with details announced January 19 2018.
Attempts at finding a farm-in partner have led nowhere but the recent CPRs upgraded the combined 2C gross (100% working interest) raw gas resource estimate for the Bina Bawi and Miran West by 40% to 14.792 trillion ft³ (419bn m3). The gas is destined for Turkey if a final investment decision is taken. Turkey though has plenty of gas coming from Russia directly by pipeline and is anyway trying to reduce its dependence on energy imports.