Kurdistan Region of Iraq
Our existing Kurdistan Region of Iraq 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 1.3 billion barrels of oil (bbls) (453 mmbbls net to Genel Energy) and gross proven, probable and possible reserves of 1.8bn boe (639 mmbbls net to Genel Energy).
We are targeting material production capacity growth at both fields to achieve gross production capacity of 200,000 bopd at both fields in 2015.
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. At the start of 2015 pipeline exports had increased to over 450,000 bopd, with further growth expected in the near-term, ensuring that production from Taq Taq and Tawke is not constrained by pipeline capacity. More than 40 cargoes of KRI export crude have been lifted from Ceyhan, establishing a five month track record of predictable sales.
Preliminary Results 2013