Kurdistan Region of Iraq
Our existing Kurdistan Region portfolio, across our seven PSC licences, offers an attractive spectrum of geological risk by running through diverse geographies with different hydrocarbon systems, from Peshkabir in the north to Chia Surkh in the south.
Genel has interests in the two 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 1.4 billion barrels of oil (bbls) (445 mmbbls net to Genel Energy) and gross proven, probable and possible reserves of 1.9bn boe (655 mmbbls net to Genel Energy)1.
We are targeting material production capacity growth at both fields to achieve 140,000 net bopd in 2014.
The bottleneck to increasing production at Taq Taq is the current truck transportation. Currently, crude oil used for exporting is trucked approximately 135 km to Khurmala or 255 km to Fishkabur, where it is metered and pumped into the Kirkuk-Ceyhan Pipeline. Crude oil allocated to the local sales market is picked up by trucks at the Taq Taq field.
The KRG has in place pipeline infrastructure plans for the Kurdistan Region to facilitate the export of its crude oil production through the construction of a new pipeline to the Turkish border. The first phase directly connects Taq Taq to the Erbil refinery and the existing Kirkuk Ceyhan export infrastructure and is complete. The second phase, linking oil fields in the Kurdistan Region from Khurmala directly to Fishkabur on the Turkish border, is now complete and tied-in to the Iraq-Turkey Pipeline, and is expected to begin operating in the first quarter of 2014.
1) Tawke included from 2009 when Genel Energy farmed-in to the license
Full Year Results 2012