Genel Energy is the largest holder of reserves and resources in the Kurdistan Region of Iraq, where we have been operating for over a decade, and one of the largest independent oil producers on the London Stock Exchange. Through the Miran and Bina Bawi gas fields, Genel is set to be a cornerstone provider of gas to Turkey under the KRI-Turkey Gas Sales Agreement.
Genel Energy's strength is based on our low-cost assets – our Taq Taq and Tawke fields have combined 2P reserves of over 800 million bbls and 3P reserves of over one billion barrels of oil. Production from the two increased 22% to reach 84,900 bopd in 2015, net to Genel.
Production from these assets is amongst the lowest cost in the industry, being as they are cash flow breakeven at a Brent oil price of less than $2/bbl. Our Miran and Bina Bawi gas reserves are also set to benefit from an industry leading cost structure. These fields are set to be a major source of growth for both Genel and the economy of the Kurdistan Region of Iraq, as they are set to be a cornerstone provider of gas to Turkey under the KRI-Turkey Gas Sales Agreement.
We have a Board and management team comprised of individuals with significant experience at some of the world’s leading international energy businesses, and people that have a deep understanding of local and regional politics with strong longstanding relationships with key stakeholders.
With a focus on retaining a robust balance sheet, Genel also continues to pursue further growth opportunities within the Middle East and Africa.
We aim to have a positive and sustainable impact on the Kurdistan Region of Iraq both by growing the production of the hydrocarbons that fuel the economy and directly supporting the communities in which we operate by improving infrastructure and providing opportunities.
bopd net production in 2015
mmbbls net 2P reserves