The oil and gas exploration and production company said its pretax profit fell 35% to
The company said revenue jumped 20% to
Genel said its production increases resulted from continuing development at the Taq Taq and Tawke Fields in the
The Taq Taq site, of which Genel holds 44%, averaged 92,000 barrels of oil per day during the half year, with 113,000 barrels per day during June. The Tawke field, of which Genel holds 25%, averaged 84,000 barrels of oil per day in the half, with 116,000 barrels per day in June.
Production was also boosted by the opening of the major KRI-Turkey pipeline, and Genel said it expects production to increase further in the second half as sales become regular and payments predictable.
However, the company said its cost of sales increased by 58% to
In July, Genel said its operations in the
"Operational momentum in the KRI is increasing, with the opening of the KRI-Turkey pipeline resulting in a significant rise in our production. Whilst we continue to monitor the situation closely, our operations in
The company also maintained its full-year production guidance at between 60,000 and 70,000 barrels of oil equivalent per day, maintained its revenue guidance at between
Genel shares were down 1.4% to
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