Genel Energy

Genel Energy co-founder Nathaniel Rothschild has resigned from the Iraqi Kurdistan oil producer, the latest in a series of high-profile departures from the loss-making company.

Rothschild's departure follows the resignations of chairman and co-founder Tony Hayward, the former BP chief executive, and of chief financial officer Ben Monaghan, a former J.P. Morgan banker.

Genel Energy, the Iraqi Kurdistan-focused oil producer co-founded by former BP boss Tony Hayward, on April 24 named Stephen Whyte to succeed the retiring Hayward in June.

Whyte, who has over 30 years of experience at Royal Dutch Shell, BG Group and Portugal's Galp Energia, will join the board as non-executive director and chairman designate with immediate effect, Genel said.

Tony Hayward, the former BP boss, is set to step down next year as chairman of Genel Energy, which he founded in 2011 and became the biggest oil and gas producer in Iraqi Kurdistan Regional Government (KRG), three sources close to the company said.

Today, Genel is struggling with a drop in oil prices, regional conflict and a large reserves downgrade.

Genel Energy, chaired by former BP head Tony Hayward, is betting on a major deal with Turkey to jointly develop gas fields in Kurdistan Regional Government (KRG) which will help Ankara reduce its reliance on Russian supplies after relations soured with Moscow.

Genel Energy, the oil explorer chaired by former BP boss Tony Hayward, reported its biggest-ever annual loss after writing off $1 billion because its largest operational oilfield holds less oil than it previously thought.

Iraq's Kurdistan Regional Government (KRG) plans to export 10 billion cubic meters (bcm) of natural gas to Turkey over the next two years, KRG Natural Resources Minister Ashti Hawrami has stated.

"Over the next two years, we plan to export around 10 bcm gas to Turkey, but this target may be extended to 2019," Hawrami said on Nov. 20, as quoted by Reuters. 

Iraqi Kurds have reached a critical point by starting to sell their own oil as well as making an accord with the Baghdad government, says Genel Energy chief Tony Hayward Kurds have created a real chance to make income for themselves by selling their own oil in Iraq and they will probably make more money by selling their own gas, Tony Hayward, the head of Genel Energy, one of the largest compan

Turkey is a guarantor for energy peace between Baghdad and Arbil, according to the head of an international energy company operating in Iraq.  

The London Stock Exchange-listed Anglo-Turkish Genel Energy has acquired 36 percent of OVM’s share in the Kurdistan Regional Government’s (KRG) Bina Bawi natural gas field for $150 million, the company’s Turkish President Mehmet Sepil said in a statement.

Oil producer Genel Energy has started returning staff to its non-producing sites in Iraqi Kurdistan as the security situation in the region has improved, the company has said.