Genel is the largest independent oil producer and the largest holder of reserves in the Kurdistan Region of Iraq. With net 2P reserves of 453 mmbbls, we have the potential to significantly grow production with a second Central Processing Facility being built at Taq Taq and processing capacity also being boosted at Tawke. In addition to the exciting prospects in our African portfolio, there still remains significant potential in our Kurdistan exploration portfolio, particularly the Miran Deep and Chia Surkh prospects.
Genel has begun to establish a high impact African exploration portfolio – material positions in underexplored hydrocarbon basins. We have added to our core Kurdistan assets by acquiring material interests in PSCs in offshore Angola, Morocco, Malta, and Côte d'Ivoire, and onshore Somaliland and Ethiopia. These all fulfill our screening criteria, offering material equity positions in high quality exploration opportunities, targeting prospects with more than 250mmbbls of gross recoverable reserves, providing a sufficient depth of exposure to the hydrocarbon basin. In total, our African assets have 5.5bn boe of gross prospective resources, with over 900 mmboe targeted in 2014.
Annual Report & Accounts 2013