ERBIL, Kurdistan Region - UK-based oil and gas company Genel Energy on Wednesday reported a notable growth in their oil production and investments in the Kurdistan Region.
The company’s 2024 report noted that it increased its oil production to 19,650 barrels per day, marking a 60 percent rise compared to the 12,410 barrels per day produced in 2023.
The growth is primarily attributed to the Tawke oil field, located in Duhok province, north of the Kurdistan Region. Genel Energy manages the field in partnership with its operational partner, the Norwegian Oil Company, DNO.
In addition to the Tawke field, the UK-based energy firm also operates in Taq Taq and Sarta oilfields, southeast and northwest of Erbil, respectively, as well as the Qaradagh oil field, located south of Sulaimani provinces.
Genel Energy’s 2024 report also addressed the suspension of oil exports from the Kurdistan Region through the Ceyhan port in Turkey. The firm noted that the oil from the Region is being sold locally at $35 per barrel, nearly half of the global market price.
Exports from the Kurdistan Region through the Iraq-Turkey pipeline have been suspended since March 2023, following a ruling by a Paris-based arbitration court in favor of Baghdad. The court determined that Turkey had violated a 1973 pipeline agreement by allowing Erbil to export oil independently starting in 2014.
Negotiations between Iraqi and Kurdish officials, as well as with the IOCs, to resume the Kurdish oil exports have yet to yield a definitive resolution. IOCs are seeking guarantees of payment and contractual security, while Baghdad insists on federal oversight. Erbil, meanwhile, aims for a solution that protects its economic interests.
In its 2024 report, Genel Energy highlighted its role in the Kurdistan Region’s economy for over 20 years, generating more than $20 billion in revenue for the Kurdistan Regional Government (KRG). The company has also invested $48 million in community projects and annually supports nearly 10,000 jobs annually.
