Genel Energy oil company announced its intention to continue investment in the Kurdistan Region’s natural gas after discussions with the Turkish Energy Company (TEC).
The slump in oil prices and waning oil production has led the company to adopt a new strategy which is to invest in Kurdish natural gas, the company said.
The company’s oil investment saw a sharp decrease due to a decline in the oil reserves of Taq Taq oilfield, its main oilfield in the Kurdistan Region.
The company was in "bad conditions for the last three years," Genel Energy’s latest financial accounts noted.
Genel Energy reported on March 28 that reserves at its largest operational field of Taq Taq in the Kurdistan Region had decreased by about 66 percent.
"Reduction in reserve estimates for Taq Taq is a consequence of a reassessment of the gross rock volume above the oil water contact and fracture porosity in the undrained cretaceous Shiranish reservoir,” the company said.
An estimated 59 million barrels of oil is said to be the gross reserves of the company as of February 28 this year, down from 172 million compared to gross reserves on December 31, 2015.