Genel Energy Plc said it expected to book about $1 billion in impairment to the 2015 value of its Taq Taq oilfield in Iraqi Kurdistan, citing reduced estimate for recoverable reserves there and falling oil prices. Shares in the company lost nearly a fourth of their value in early morning trade in London. Following a review, the oil producer said it estimated that Taq Taq had proven and probable reserves of 356 million barrels of oil (mmbls) as of Dec. 31, down from its earlier assumption of 683 million barrels in June 30, 2011. By the end of last year, Taq Taq field had already produced 184 mmbbls gross. The news comes after Genel said earlier this month that it would resume drilling work at Taq Taq in the coming weeks to ramp up production, despite a roughly 40 percent fall in oil prices over the past year to […]