Genel is the largest independent oil producer and the largest holder of reserves in the Kurdistan Region of Iraq. With net 2P reserves of 429 mmbbls and working interest production averaging 69,000 bopd in 2014, we have the potential to grow production further in 2015, with a second Central Processing Facility being built at Taq Taq and processing capacity also being boosted at Tawke. In addition to the prospects in our African portfolio, there still remains significant potential in our KRI exploration portfolio.
In a world of significantly increasing operating cash flow we have a focused and disciplined exploration strategy. Our African portfolio will have an emphasis on our onshore position in the Horn of Africa. We expect to commence our first well in Ethiopia, and seismic operations in Somaliland, in 2016.
In the KRI, appraisal wells on both Peshkabir and Chia Surkh will help refine the volumes for both discoveries and their potential developments.