A full year of oil exports by the KRG via the export pipeline and an increase in surface processing capacity at Taq Taq and Tawke facilitated strong production growth in 2015, averaging 85,000 bopd.
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).
Our oil production in the KRI is managed to ensure long-term value creation, with production maximised over the life of the field and investment made at a level appropriate to the external environment. The suspension of investment in 2015 has led to a reduction in production, and guidance for 2016 is set at 60-70,000 bopd.
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. Pipeline exports have increased to over 620,000 bopd. Production from Taq Taq and Tawke is not constrained by pipeline capacity.