Genel Energy says 2022 will build on strength achieved in 2021 with advantage of higher oil prices
The company expects to generate some US$200mln of free cash flow in 2022, based on US$75 per barrel oil, and noted that for every US$10 movement in the crude price will see a corresponding US$50mln impact to cashflow.
Capital expenditure for the year is expected between US$140mln and US$180mln with programmes slated at the Tawke, Taq Taq and Sarta fields. Operating costs are set to remain below US$5 per barrel, retaining the company’s advantageous low-cost position.
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