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.

Genel Energy Plc said it expected to book about $1 billion in impairment to the 2015 value of its Taq Taq oilfield in the Kurdistan Regional Government (KRG) in northern Iraq, citing a reduced estimate for recoverable reserves there and falling oil prices, as reported by Reuters on Feb. 29. 

Shares in the company lost nearly a fourth of their value in early morning trade in London.

Genel Energy PLC has announced the company's president, Mehmet Sepil, has retired effective immediately in a written statement on Oct. 14. 

Sepil founded Genel Energy and was CEO from 2002 until a merger with Vallares PLC in 2011, when he became president of the company.

The London-based and northern Iraq-focused oil explorer and producer Genel Energy Plc reported a 15 percent rise in first-half core profit, helped by an increase in its production capacity. 

Genel said production rose 41 percent to 88,800 barrels of oil equivalent per day (boepd) from its key fields in the autonomous Kurdistan Regional Government (KRG) territories of Iraq. 

Genel Energy has put all exploration work on hold for this year to rein in costs, the London-listed oil producer said on July 13, as it is awaits nearly $400 million in oil sales payments from the Kurdistan Regional Government (KRG).

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