Genel Energy is the largest holder of reserves and resources in the Kurdistan Region of Iraq, where we have been operating for over a decade, and one of the largest independent oil producers on the London Stock Exchange. Through the Miran and Bina Bawi gas fields, Genel is set to be a cornerstone provider of gas to Turkey under the KRI-Turkey Gas Sales Agreement.
Genel Energy's strength is based on our low-cost assets – our Taq Taq and Tawke fields have combined 2P reserves of over 550 million bbls. Net production in the first half of 2017 averaged 37,100 bopd.
Production from these assets is amongst the lowest cost in the industry. Our Miran and Bina Bawi gas reserves are also set to benefit from an industry leading cost structure. These fields are set to be a major source of growth for both Genel and the economy of the Kurdistan Region of Iraq, as they are set to be a cornerstone provider of gas to Turkey under the KRI-Turkey Gas Sales Agreement.
We have a Board and management team comprised of individuals with experience at leading international energy businesses, and people that have a deep understanding of local and regional politics with strong longstanding relationships with key stakeholders.
With a focus on retaining financial flexibility, Genel also continues to pursue further growth opportunities within the Middle East and Africa.
We aim to have a positive and sustainable impact on the Kurdistan Region of Iraq both by growing the production of the hydrocarbons that fuel the economy and directly supporting the communities in which we operate by improving infrastructure and providing opportunities.