Economy Update – Baghdad
General Energy has announced ongoing efforts with relevant stakeholders to resume oil exports from the Kurdistan region via pipeline. The company reported an average daily production of over 19,000 barrels in the previous year.
In its annual report for 2024, released today, General Energy emphasized the importance of the Iraqi government recognizing and safeguarding the rights of the Kurdistan region, alongside settling any outstanding financial obligations it owes.
Looking ahead, General Energy anticipates that revenues generated from oil production in the Takuki field will allow the company to recover its expenses by 2025.
The firm reported an increase in average daily production to 19,650 barrels in 2024, reflecting a 58% rise from the previous year.
Furthermore, General Energy stated that its total production in 2024 was sold entirely in the local market at a price of $35 per barrel. This is a stark contrast to the $47 per barrel price during the first quarter of 2023, when export activities were still ongoing.
According to the report, General Energy’s overall revenues for 2024 reached approximately $74.7 million, down from $78.4 million in 2023.
Oil production costs were logged at $17.6 million in 2024, a slight decrease from $18 million the prior year.
General Energy reiterated its commitment to formulating a plan to address the outstanding debts owed by the Kurdistan Regional Government.
The Kurdistan Regional Government currently owes the company $107 million for oil production from 2023. Simultaneously, General Energy also owes the regional government $50 million and is working towards reconciling these accounts.
General Energy is actively engaged in the Tayoki and Bayespour fields in collaboration with Norwegian entity DNN Oil Production.
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