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 production of 200,000 gross bopd at both fields in 2014.
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. The first section, a 20 inch diameter pipeline from the Taq Taq field to Khurmala, became operational in the first half of 2013. This section has initial capacity of 150,000 bopd, with the potential to increase to 200,000 bopd. The second section, from Khurmala to Dohuk, involved the conversion of a 36 inch pipeline which originally was intended to be a gas pipeline. The final section, from Dohuk to the KRI border with Turkey, was completed in the third quarter of 2013. This was tied into the existing 40 inch section of the Iraq-Turkey pipeline through a new metering station within KRI territory. Full commissioning of the pipeline infrastructure was completed during the second half of 2014, with upgrades ongoing to further increase capacity.
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. By November 2014, KRG crude export sales through Ceyhan were at c.300,000 bopd, set to rise to 400,000 bopd by year-end and 500,000 bopd in Q1 2015.
Preliminary Results 2013