The ramp-up of oil exports by the KRG via the new export pipeline facilitated strong growth in production from Taq Taq and Tawke, production that has continued to grow in 2015, averaging 89,000 bopd in the first half of the year.
Genel has interests in two of the largest producing fields in the Kurdistan Region of Iraq, Taq Taq and Tawke, with access to local and international markets. These fields have a currently estimated gross proven and probable (2P) reserves of 1.2 billion barrels of oil (429 mmbbls net to Genel Energy) and gross proven, probable and possible reserves of 1.7 billion barrels of oil (614 mmbbls net to Genel Energy).
During 2013, the KRG completed the construction of its export pipeline infrastructure, giving it an independent route to export its oil production to world markets.
In January 2014, the KRG announced that initial quantities of crude oil from the Tawke field had flowed through the pipeline system and arrived into storage at the port of Ceyhan on Turkey’s Mediterranean coast. Over the course of 2015 pipeline exports have increased to over 620,000 bopd. Production from Taq Taq and Tawke is not constrained by pipeline capacity.