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. A robust balance sheet and a high-calibre board and management team underpin these assets. With these strengths, Genel Energy has built a leading E&P business, founded on a set of assets in the Kurdistan Region of Iraq, that places us in the top tier of independent E&Ps.
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 1.2 billion bbls and 3P reserves of 1.7 billion bbls, and production from the two makes us one of the leading independent oil producers listed in London. Our world-class gas fields, Miran and Bina Bawi, will provide domestic gas production to power continued industrial and economic growth in the KRI, while also assisting the KRG in fulfilling the gas sales agreement signed between Turkey and the KRG in November 2013.
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 December 2014 stood at c.$490 million, with net debt of c.$10 million, following the successful $500 million senior unsecured bond issue in May. This provides the funds to continue growing our low-cost production in the KRI, and fund our focused exploration.
The only independent Turkish oil and gas company with our world class assets in the KRI, positioned close to the Turkish market.