Genel Energy Sets Out Its Plans

  • Assembled an asset portfolio of world-class fields and prospects -- of a quality "more normally held by the super-majors rather than a small independent"-- comprising an estimated resource base of some 1.6 billion barrels of oil and oil equivalent
  • Established a top-class, highly-experienced independent board, heading a small international management team based in London. This complements an operating headquarters in Ankara of 70 technical and specialist staff and some 400 employees on the ground in Kurdistan
  • Seen a boost of 78 per cent to 509 million barrels in the proven and probable reserves of its Tawke field (Genel, 25 per cent), with an associated commitment to increase output from 75,000 to 100,000 barrels a day this year and the launch of studies to target volumes of 150,000 to 200,000 barrels a day by 2014
  • Committed to plans to lift production from the Taq Taq field (Genel, 44 per cent) from 66,000 barrels a day in 2011 to some 200,000 barrels a day by 2014 - enabled by the planned construction of 255 kilometres of new 24-inch pipeline from the field to the main Kirkuk-Ceyhan export line which will raise export capacity to over 400,000 barrels a day and cut transport costs by two thirds, from some $3 to $1 a barrel
  • Announced that it intends to take operatorship of the 984-square kilometre Chia Surkh exploration licence and increase its stake to 80 per cent, with the balance held by the Kurdistan Regional Government
  • Committed to a major exploration drive of seven high-impact wells during 2012 and early 2013 - by far the biggest and most comprehensive programme in the Kurdistan region - targeting some 700 million barrels of unrisked resources, net to Genel, in a hydrocarbon province where the exploration success rate is currently 70 per cent
  • Two of the seven wells are already spudded. Ber Bahr 1, in the Ber Bahr licence area, is testing a large surface anticline and targeting unrisked resources estimated at 508 million barrels in the Jurassic and Triassic formations, with results expected at the end of the second quarter. The Peshkabir 1 well is targeting 304 million barrels of unrisked resources in a large anticline adjacent to the Tawke field. Moveable oil has already been detected and the well will complete in the third quarter.
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