(25% working interest)

This world class production asset comprises two predominantly fractured carbonate fields: Tawke and Peshkabir, analogous to the giant fields found all over the region. Strategically located in the north of the KRI, in close proximity to the border with Turkey and with direct access into both KPC and ITP export routes providing access to international markets. The original Tawke field was brought onto production in 2007, while Peshkabir achieved first oil in 2017.

Both fields are well understood with full 3D seismic coverage, 100+ wells drilled and over 400 MMbbls of 23-27 API oil produced to date from multiple Mesozoic and Tertiary reservoirs. The fields, operated in tandem to maximise operational synergy, together have an industry-leading opex of ~4/bbl, making them both highly resilient (to variability in oil price) and highly cash generative. Both fields sit under a single Production Sharing Contract (PSC) with highly favourable fiscal terms.

Over the years, the production facilities have been upgraded multiple times providing significant processing capacity across two CPFs, a gas plant and a dedicated oil terminal. More recently, Improved Oil Recovery (IOR) schemes have been implemented at both fields. The Tawke PSC associated gas injection project was the first of its kind in the KRI. Since its inception the project has saved approximately 2.3 million tonnes of CO₂e from entering the atmosphere, with Tawke PSC carbon intensity below the industry average. In parallel, further work to fully delineate the entire areal extent continues along with studies into the deeper potential within the block.

Gross production from the Tawke licence averaged 78,615 bopd in 2024, compared to 46,290 bopd in 2023, when there was minimal production for half of the year following the suspension of international exports through the Iraq-Turkiye pipeline. Since the fourth quarter of 2023, production has been sold consistently into the successfully re-established KRI domestic market. During this period, despite drilling no new wells, gross production from the license has been maintained at consistent levels around 80,000 bopd, testament to the quality of the fields and the careful and diligent well intervention program. 

Genel’s SL10B13 licence represents an asset that we consider carries significant potential within Genel’s portfolio, and throughout 2024 we continued to work with stakeholders towards the complete framework required to support drilling the Toosan-1 exploration well. Following on from the work completed in 2023 on readiness towards the drilling of the well, in 2024 this included optimisation of the well plan to reduce cost and maximise efficiency of the well delivery process, and consideration of the appropriate equity level at which to be undertaking this activity. In the meantime, our in-country team continued to work closely with our local communities. Genel’s Mobile Medical Clinic project in Somaliland, which provided vital medical care for some of the poorest people in Africa, launched phase two of the project in July, with a further 17,000 cases treated to take the total cases treated to more than 31,000.

At Odewayne, we continued to work with our partners to characterise the prospectivity of the block, with subsurface studies ongoing. We also continued to invest in the local communities, and in February 2024 delivered educational supplies to 1,000 primary and secondary school students across the block.

During 2024 work on the Initial Period Minimum Work Program was completed which included seismic reprocessing and subsurface studies. These new data have been used to update and refine the prospectivity of the licence, allowing a re-ranking of the prospect portfolio. This has resulted in the high grading of the Banasa Prospect as a highly attractive, low cost, low risk exploration opportunity, and a farm-out programme is ongoing.