Production within the framework of Genel Energy’s contracts

2025-08-12 22:06:57

🔻 According to the latest report from the Turkish company Genel Energy for the first half of 2025, in all the oil fields in the Kurdistan Region in which the company has stakes, production levels were as follows:

Tawke PSC area:
In the first half of this year, average daily oil production reached 78,400 barrels per day (bpd). In Q1 2025, the average was 82,081 bpd, but in Q2 it dropped by 7,321 bpd (a 9% decline) to 74,760 bpd.
Oil price:
The company sold each barrel of oil at an average of $33 during the first half of this year, while the average Brent crude price in the same period was $72 per barrel.
Revenue:
The company’s revenue in H1 2025 amounted to $35.8 million, compared to $37.6 million in H1 2024.
The report also stated that the Kurdistan Regional Government (KRG) approved Genel Energy’s exit from the Sarta, Qara Dagh, and Taq Taq licenses, with minimal post-exit obligations.

Revenue and production in H1 2025
According to the latest report, in the Tawke oil field in particular, average daily production was 78,400 bpd, down from 82,081 bpd in Q1 to 74,760 bpd in Q2 (a 9% drop).
Revenue in H1 2025 was $35.8 million, compared to $37.6 million in H1 2024.
Each barrel was sold at an average of $33, while Brent crude averaged $72.

After the end of H1 2025, an unmanned drone attack targeted several Kurdistan Region oil fields, including Tawke, causing temporary production halts due to damage. The company stated that after assessing the damage, they are working on an appropriate plan to restore production levels.

The report also mentioned that following exits from the Sarta, Qara Dagh, and Taq Taq licenses approved by the KRG, both receivables and costs owed to and from the KRG were reduced. The net receivables stood at around $50 million.

Status of Taq Taq and Sarta fields
Both Taq Taq and Sarta fields, operated by Genel Energy, have not produced oil since the suspension of Kurdistan’s oil exports on 25 March 2023, following a ruling by the Paris-based International Court of Arbitration. Only the Tawke field remains in production.

Genel Energy’s fields in the Kurdistan Region

The KRG has contracts with the Turkish company Genel Energy in four oil fields — Tawke, Taq Taq, Sarta, and Qara Dagh. The first three were producing before the export halt in March 2023, but only Tawke is still active.

Tawke Field – Located in Duhok province. Norwegian company DNO holds 75%, while Genel Energy holds 25% of the PSC.
Taq Taq Field – Located in the Taq Taq subdistrict of Koya, covering 951 km². Shares: Addax Petroleum (36%), Genel Energy (44%), and KRG’s KEPCO (20%). Genel Energy’s exit from Taq Taq has been approved by the KRG.
Sarta Field – Located in Erbil province. Shares: Genel Energy (30%) and KEPCO (20%). Exit approved by the KRG.
Qara Dagh Field – Located in Sulaymaniyah province, covering 846 km². Previously held by ExxonMobil (80%) and KEPCO (20%). After Exxon’s withdrawal, Genel Energy acquired 40%, but no production has begun. Exit from Qara Dagh has also been approved by the KRG.