In a statement, the company said it received documentation, including a new draft production sharing contract (PSC), from the Kurdistan Regional Government (KRG) in mid-April following a commercial understanding reached in September.
It added that the documentation requires further negotiation, and, whilst these talks are ongoing, the KRG has said it will not serve notice to terminate the existing PSC.
Genel said it continues to minimise spending at Bina Bawi until tangible progress is made.
The new draft PSC seeks to separate the Jurassic oil development from the deeper Triassic natural gas development, with oil being developed on standard terms for the Kurdistan Region of Iraq.
Published at Fri, 01 May 2020 07:28:00 +0000-Genel Energy continues to seek viable agreement to advance Bina Bawi asset