The oil firm led by former BP boss Tony Hayward says it intends to spend more than £350million hunting for new projects this year.
Genel Energy said it had optimised its capital expenditure plans after farming into a major project off Angola which has the potential to unlock billions of barrels worth of new resources.
The firm, which has a significant focus on the lucrative yet controversial oil fields of Kurdistan, said it expected to generate revenue of between £297million and £357million in 2014, with production expected to be between 60,000 and 70,000 barrels of oil per day.
Net production from the first quarter averaged 50,000 barrels per day, up 35% on the same period last year, thanks to big output increases from the Tawke and Taq Taq fields in the region.
Output from Kurdistan is expected to be even higher by the end of the year, the firm said, with the commissioning process for a new pipeline serving the Kurdistan region largely now complete.
“Works to replace a short section of the 40 inch Iraq-Turkey pipeline in Turkey and install extra compression at Fishkabur are expected to be completed in H2 2014,” the firm said in a statement this morning.
Output from Tawke is expected to hit 200,000boed by the end of the year, with new production facilities due to come online – with the company now turning its focus to the potentially huge discovery off Angola.
Earlier this month Genel spent £170million to take a 15% stake in two blocks off the Angola coast.
“The transactions provide Genel with a position in exploration licences that hold multi-billion barrel prospectivity and represent an attractive high-impact near-term exploration opportunity,” said Genel.
“The Stena Carron drillship has been contracted for a drilling programme, which is expected to commence in mid-2014.”