5/10/2017
Angelina Rascouet
LONDON (Bloomberg) -- When one of the biggest crude producers in Iraqi Kurdistan downgraded reserves in March, doubts about the economic potential of the region -- a key player in the fight against Islamic State terrorism -- deepened. But evidence suggests it’s too soon to write off the emerging oil province.
The downgrade at Genel Energy Plc’s Taq Taq field, the second in little more than a year, sent its shares tumbling amid gathering anxiety over a region already struggling with weak crude prices and escalating costs to fight militants.
Yet that disappointment stands in contrast to improving prospects elsewhere in Kurdistan. DNO ASA, the area’s biggest publicly listed producer, this month doubled the number of wells planned for 2017 at its Tawke field, while competitor WesternZagros Resources Ltd. increased reserve estimates in March.
LONDON (Bloomberg) -- When one of the biggest crude producers in Iraqi Kurdistan downgraded reserves in March, doubts about the economic potential of the region -- a key player in the fight against Islamic State terrorism -- deepened. But evidence suggests it’s too soon to write off the emerging oil province.
The downgrade at Genel Energy Plc’s Taq Taq field, the second in little more than a year, sent its shares tumbling amid gathering anxiety over a region already struggling with weak crude prices and escalating costs to fight militants.
Yet that disappointment stands in contrast to improving prospects elsewhere in Kurdistan. DNO ASA, the area’s biggest publicly listed producer, this month doubled the number of wells planned for 2017 at its Tawke field, while competitor WesternZagros Resources Ltd. increased reserve estimates in March.
