The Company expects that a final investment decision for the development of the fields will be made in H1 2015.
Genel's current estimate of combined gross mean raw gas resources at Miran and Bina Bawi is 11.4 trillion cubic feet ("tcf"), which is expected to deliver gross mean sales gas of 8.4 tcf. Combined gross mean oil resources at Miran and Bina Bawi are now estimated at 34 mmbbls, with combined gross mean condensate resources from first stage separation estimated at 45 mmbbls.
Gross contractor capital investment for oil and gas is estimated at $3.3 billion, which represents a unit development cost of less than $2/boe. Unit opex is estimated at less than $1/boe.
The benefits to the KRG from these agreements are as follows:
- Commercialisation of a major onshore, low-cost, gas resource which will generate significant revenue and value for the people of the Kurdistan Region of Iraq ("KRI")
- The option for early gas production into the domestic market, which stands to be an important contributor to industrial and economic growth
- The ability to fulfil export commitments to Turkey under the Gas Sales Agreement signed in November 2013
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