History

Genel has been operating in the Kurdistan Region of Iraq for over 20 years. Production from Genel’s fields has been integral in the development of the KRI oil industry, and has provided material benefits for citizens across the KRI, and especially to the local communities in areas in which we operate.

  • 2024

    • Genel working interest production averages 19,650 bopd
    • Free cash flow of $20 million
    • The Iraq-Türkiye pipeline (‘ITP’) remained closed in 2024
    • Working with in-country peers, we re-established a consistent domestic sales market in the KRI
    • Mobile medical clinic project in Somaliland rolled out, providing vital medical care to local communities, and treating over 31,000 cases in 2024
    • Production from Tawke PSC included the ongoing success of the Associated Gas Injection project at the Tawke and Peshkabir fields. 2024 marked the milestone of saving approximately 2.3 million tonnes of CO2e emissions from entering the atmosphere.

  • 2023

    • Genel working interest production averages 12,410 bopd
    • Net cash of $120 million
    • Exited the Sarta and Qara Dagh licences
    • The Iraq-Türkiye pipeline (‘ITP’) closed in March 2023
    • Oil sales restarted in June 2023 into the domestic market only
    • Dividends paid of 12¢ per share, a total distribution of c.$33.5 million
    • Civil engineering work for the Toosan-1 well site on the SL10B/13 block in Somaliland was completed on time and on budget, and without incident

  • 2022

    • Genel working interest production averages 30,150 bopd
    • Record free cash flow of $235 million
    • Dividends paid of 18¢ per share, a total distribution of c.$50 million
    • Celebrated 20 years operating in the KRI through the launch of the Genel20 Scholars programme

  • 2021

    • Genel working interest production averages 31,710 bopd
    • $281 million of cash proceeds received from the KRG, generating free cash flow of $86 million
    • Dividends paid of 16¢ per share, a total distribution of c.$45 million
    • Signed a farm-out agreement with OPIC Somaliland Corporation relating to the SL10B13 block

  • 2020

    • Genel working interest production averaged 31,980 bopd
    • First oil from Sarta achieved in November 2020
    • $173 million of cash proceeds received with the low-production cost per barrel of $2.8/bbl, helping to deliver cash generation of $85 million in the year from producing assets
    • Dividends of 15¢ per share announced
    • Carbon intensity of 13 kgCO2e/bbl achieved for scope 1 and 2 emissions, significantly below the global oil and gas industry average of 20 kgCO2e/boe

  • 2019

    • Genel working interest production averages 36,250 bopd
    • Free cash flow of $99 million even as capital expenditure doubles, as investment in growth assets increases
    • Acquisition of stakes in Sarta and Qara Dagh assets in the KRI
    • Announced maiden dividend of $27.9 million with respect to 2018 financial year

  • 2018

    • Genel working interest production averages 33,700 bopd
    • $335 million of cash proceeds received, with strong free cash flow generation of $164 million
    • Material increase in financial strength with move to net cash position during the year
    • Fivefold increase in gross production at Peshkabir to over 50,000 bopd

  • 2017

    • Genel working interest production averages 35,200 bopd
    • $263 million of cash proceeds received, with strong free cash flow generation of $142 million
    • Signing of landmark Receivable Settlement Agreement
    • Peshkabir began production

  • 2016

    • Genel working interest production averages 53,300 bopd
    • Cash proceeds of $207 million received by Genel for oil sales and receivable recovery
    • In February, KRG confirms that monthly payments to oil companies will be based on the contractual entitlements under the PSC governing each licence

  • 2015

    • Total exports through the KRI-Turkey pipeline rise to over 600,000 bopd
    • Genel working interest production averages 85,000 bopd
    • Cash proceeds of $148 million received by Genel for 2015 oil exports and local sales in KRI
    • Acquisition of OMV’s 36% operated stake in the Bina Bawi field gives Genel 100% ownership of Miran and Bina Bawi, ahead of the transformational gas development

  • 2014

    • Exports through the KRI-Turkey pipeline begin, growing to over 400,000 bopd by the end of the year
    • Agreement reached in November with the Ministry of Natural Resources of the KRG for the development of the Miran and Bina Bawi gas fields
    • Working interest production rises to an average of 69,000 bopd, with gross production from Taq Taq and Tawke averaging 194,000 bopd

  • 2013

    • KRI export pipeline infrastructure complete and in the commissioning phase.
    • KRI oil in storage at Ceyhan continue to grow
    • Turkey-KRG Gas Sales Agreement a significant milestone in the commercialisation of Miran and Bina Bawi gas fields
    • 100% success rate on KRI exploration – Chia Surkh, Ber Bahr and Tawke Deep discoveries
    • Successful appraisal drilling at Bina Bawi increased mean contingent resources by 70%
    • Proven and probable reserves (2P) increased to 453 mmboe (2012: 445 mmboe), representing a reserve replacement ratio of 147%
    • Total working interest reserves and unrisked resources increased to 5.9 bnboe (2012: 5.4 bnboe)

  • 2012

    • Announced upgrade of Tawke Fields reserves and resources by 78% to an estimated 509 mmboe
    • Announced most comprehensive exploration and drilling programme in the Kurdistan Region of Iraq to date
    • Acquired 44% interest Bina Bawi exploration licence, Kurdistan Region
    • Acquired 40% additional interest and operatorship in Chia Surkh
    • Established a high impact African exploration portfolio through acquisition of material positions in Somaliland, Morocco, Cote D’Ivoire and Malta
    • Increased working interest in Miran from 25% to 100% (pre-KRG back-in)

  • 2011

    • Resumed oil exports from Taq Taq and Tawke following agreement of a revenue sharing mechanism between the KRG and Iraqi Government
    • Miran West 3, Peshkabir and Ber Bahr 1 exploration wells commenced
    • Merger of Genel Energy International Limited with Vallares PLC
    • Genel Energy plc listed on London Stock Exchange
    • Dohuk exploration well

  • 2010

    • 60 kbopd central processing facility begins operation at Taq Taq
    • Studies undertaken for preparation of exploration drilling on Dohuk
    • 3D seismic campaign commenced on Miran in December 2010
    • 2D seismic acquired on Chia Surkh identifying and confirming several possible structures

  • 2009

    • Acquired 25% interest in Tawke licence
    • Acquired 25% interest in Miran licence
    • Acquired 40% interest in Dohuk and Ber Bahr, and 20% interest in Chia Surkh licences
    • Tie-in of Tawke pipeline to Iraq northern pipeline system
    • First oil exports from Taq Taq and Tawke commenced with the opening of the Kirkuk-Ceyhan pipeline

  • 2008

    • First production on Taq Taq with loading facility completed

  • 2007

    • First production from Tawke field
    • KRG Petroleum Law approved
    • Taq Taq field discovery made in July

  • 2006

    • First exploration drilling at Taq Taq field Kewa Chirmila Exploration Block added to Taq Taq PSC
    • Tawke field discovery made with Tawke-1 exploration well

  • 2005

    • First new oil well drilled at Tawke field after 2003 Iraq invasion
    • Entered into a farm-in agreement with Addax for Taq Taq and formed TTOPCO operating company

  • 2004

    • PSCs for the Tawke and Dohuk fields signed by DNO International

  • 2002

    • Commenced operations in the Kurdistan Region with the first ever PSC for Taq Taq field

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Where is Genel Energy plc tax residency?
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