Genel names former BP boss Hayward chairman; posts 41% production rise

Genel Energy said production in the first half increased 41% year-on-year and announced that as of 12 July, Rodney Chase resigned from the company and former BP boss Tony Hayward has been appointed chairman in his place.

Murat Özgül, the former president of Genel’s Turkish and Iraqi operations, has been appointed chief executive, replacing Hayward.

“In his role as chairman, Tony will oversee the strategy of the company and the effective running of the board, with Murat focusing on the day-to-day management of Genel, including operational performance and the delivery of Genel's growth projects in the Kurdistan Region of Iraq,” said Genel.

In a trading and operations update ahead of its half-year results on 6 August, Genel said production in the first half was up 41%, with operational delivery driving record volumes above 100,000 barrels of oil per day. The company said the increase has been integral in helping the Kurdistan Regional Government achieve its export goals.

Genel also said progress has been made on its Miran and Bina Bawi assets, the development of which provides a huge opportunity for both Genel and the Kurdistan region of Iraq as a whole.

“We are now working on putting in place all of the components to progress this transformational project to its development and ultimate monetisation,” the company said.

Net working interest production for the first half averaged 88,800 barrels of oil per day, while the company’s net working interest production in May and June was 95,600 bopd.

Genel kept its 2015 production guidance at 90,000 to 100,000 bopd.

Average oil prices fell 42% year-on-year to $42 per barrel.

At 10:24, Genel shares were down 1.6% at 468.50p.