A 26 October operational update from Genel Energy reported lower-than-expected output and cuts in the Kurdistan-focused oil company’s revenue and production outlook. The market took this as effectively another profits warning, as decline continues at Genel’s Taq Taq and Tawke oil fields. Genel, co-founded and chaired by former BP chief executive Tony Hayward, has a 44% stake in Taq Taq, where output fell to 58,600 b/d in the Q3 2016, down from 68,800 b/d in H1 16; it declined to around 50,000 b/d in October.
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