Genel upbeat on growth despite capex cut

摘要

Cape Town—Kurdistan-focused explorer Genel Energy has cut its capital expenditure guidance by 30% for this year because of the slump in oil prices but remains upbeat over its growth prospects which it believes are underpinned by its low cost Kurdish oil projects. Genel, led by former BP CEO Tony Hayward, said this year’s capital expenditure would be a maximum $250 million, around 70% less than the $670 million spent in 2014. The explorer also took a non-cash charge of $480 million related to expenses in Angola, Malta and Morocco.