June 6, 2017 / 7:05 AM / 6 months ago

Genel says Taq Taq field output fall is slowing

June 6 (Reuters) - Genel Energy’s main Taq Taq oil field in Iraqi Kurdistan has seen falling output in 2017 but the rate of decline has slowed recently, the company said in a statement prepared for its annual general meeting on Tuesday.

The oil producer said it would target further investment in Taq Taq, and cautioned that “it remains too early to extrapolate long-term conclusions” from oil field’s production trends.

Genel co-founder Nathaniel Rothschild quit on Monday, joining co-founder Tony Hayward, and chief financial officer Ben Monaghan, who have announced plans to depart.

Hayward, formerly chief executive of BP, said in the company’s statement that its board composition is under review. He will retire from the board on Tuesday.

Genel shares have plunged after two downgrades to reserves at Taq Taq, failed exploration campaigns in Africa, political unrest in Iraq and a sharp drop in oil prices since 2014. (Reporting by Arathy S Nair in Bengaluru; editing by Jason Neely)

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