(Reuters) - Oil producer Genel Energy Plc (L:GENL) said it expected to book about $1 billion in impairment to the 2015 value of its Taq Taq oilfield in Iraqi Kurdistan, citing reduced recoverable reserves at the field and falling oil prices.
Following a review, Genel said it estimated that Taq Taq had proven and probable reserves of 356 million barrels of oil as of Dec. 31, down from its earlier assumption of 683 million barrels in June 30, 2011.