Genel Energy plc is an Anglo-Turkish exploration and production company with world-class oil and gas assets. We own a portfolio of high-quality assets with robust growth options over the short, medium and long-term. An excellent capital base and a high-calibre board and management team underpin these assets. With these strengths, Genel Energy is building a leading E&P business, founded on a set of assets in the Kurdistan Region, that places us in the top tier of independent E&Ps.
We are steadily growing our business through the appraisal and development of our assets in the Kurdistan Region, and through value-accretive acquisitions, building a high impact exploration portfolio within the Middle East and Africa, while expanding our Kurdistan footprint.
What makes Genel different
Although an independent E&P, the quality of our assets are more typically owned by the Majors – our Taq Taq and Tawke fields alone have combined 2P gross reserves of 1.3 billion bbls and 3P reserves of 1.8 billion bbls. The focused exploration portfolio we are building in Africa is targeting opportunities to obtain material exposure in high impact prospects, with the potential for field sizes of at least 250 million bbls.
World-class board and management team
We have a board and management team comprised of individuals with significant experience at some of the world’s leading international energy businesses, and people that have a deep understanding of local and regional politics with strong longstanding relationships with key stakeholders.
Our capital expenditure on the exploration, appraisal and development programme in the Kurdistan Region is funded broadly from operating cash flow. Cash balances at the end of September 2014 stood at c.$660 million, with net cash of c.$170 million, following the successful $500 million senior unsecured bond issue in May. This provides the funds to build and finance an exploration campaign across our high-impact exploration portfolio in Africa.
The only independent Turkish oil and gas company with our world class assets in the Kurdistan Region, positioned close to the Turkish market.