A flame rises from a chimney at Taq Taq oil field in Arbil, in Iraq's Kurdistan region, August 16, 2014. REUTERS/Azad Lashkari
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LONDON: On the last Sunday of February 2016, late in the evening, Genel Energy's chairman and former BP boss Tony Hayward held an urgent call with the board to break some bad news: The firm's prized oil field was worth much less than they had thought.Ozgul – who took over from Hayward as CEO last year after Hayward became chairman – urges investors to look past the downgrade and focus on the future, as Kurdistan, an autonomous region in northern Iraq, starts paying off debts to oil companies and Genel gears up to pump gas to Turkey.Hayward, whose time as BP's CEO ended abruptly following the deadly 2010 Gulf of Mexico spill, bought Genel, then a private company, in 2011 together with financier Nat Rothschild.Genel expects to produce up to 70,000 barrels per day of oil from Taq Taq and the nearby Tawke field this year, down from 85,000 in 2015 .Hayward owns just 0.5 percent of Genel, while Rothschild owns around 8 percent, making him the third largest investor after Turkish businessmen Tolga Bilgin and Mehmet Karamehmet.
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