Genel Energy Plc is a UK-based independent oil and gas exploration and production business operating in the Kurdistan Region of Iraq (KRI) with an asset portfolio for future of fewer and better natural resources projects that are well located. The group commenced its operations in the Kurdistan region with the first ever PSC for Taq Taq field in 2002. Since then, the group expanded organically and through the strategic acquisition of potential businesses. In 2011, the group got listed on the London Stock Exchange as Genel Energy Plc (LON: GENL) with the merger of Genel Energy International limited with Vallares plc. The group supports the development of the Kurdistan Region of Iraq (KRI) Oil industry and provides material benefits for citizens and local communities in the areas of its operations. The group aims to create high and long term value for its shareholders by finding and monetising hydrocarbons, growing low-cost production, delivering high return and cash flow and by investing in low risk growth opportunities and asset portfolio.
The group operates through its production assets and pre-production assets. The production assets of the group is the only multi-license producer in the KRI with low-cost portfolio that consist of the net proven and probable (2P) working interest of 155 MMbbls of 124 reserve across four field that are Taq Taq, Sarta, Tawke and Peshkabir that are located in the Kurdistan Region of Iraq and the net reserve and resources across the portfolio total 5.6 BNboe. The Taq Taq field has been producing since 2006 located in the area of approx 951 sq km with gross 2p reserves of 33 MMbbls and Gross production of 9,670 bopd in 2020. The Tawke PSC reserve of gross 2P Reserves of 245 MMboe and in 2020, gross production of 110,280 bopd of which Tawke- Peshkabir contributed 52,710 bopd and the group has 25% working interest with the group in Peshkabir reserve. The Sarta reserve has gross 2p reserves of 34 MMbbls and gross 2C reserves of 264 MMbbls.
The pre-production assets of the group consist of the low-cost production assets that are at complementary stages of development through its interest of Net 2C resources of 143 MMbbls and total net reserves and un-risked resources of 6 BNboe across five field that are Qara Dagh (40% working interest), material resources at Bina Bawi and Miran, and Exploration in Morocco (Working interest of 75%) and Somaliland.
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