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Genel Energy updates on Sarta field as crude liftings begin


Genel Energy PLC (LON:GENL) told investors that the first crude oil liftings have taken place from the Sarta field in Kurdistan.

The company owns a 30% interest in the field which began producing in November.

Presently, the field is producing from one well – Sarta-3 – which is flowing more than 5,000 barrels of oil per day. The performance is in line with expectations.

READ: Genel receives October oil payments

Tanker loadings are now taking place, with the oil being transported to Khurmala for offloading into an export pipeline.

A week ago, Genel said that the Sarta-2 well is on track to be completed in December and will come onstream from January. It added that it continues to expect that the Sarta field will achieve stable production levels during the first quarter of 2021.

A fresh appraisal drilling campaign at Sarta is also being prepared and is slated to take place in 2021. This campaign aims to target a material portion of the field’s 250mln barrels of contingent resources, the Jurassic-age formations.

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