Genel Energy Update on Oil Reserves

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Genel Energy Update on Oil Reserves

Genel Energy has released an update on oil reserves throughout its portfolio.

DeGolyer and MacNaughton, international petroleum consultants working on behalf of the operator DNO, estimate Tawke licence (Genel 25% working interest) gross year-end 2023 2P reserves at 326 MMbbls, compared to 327 MMbbls at year-end 2022, after adjusting for 17 MMbbls of production and a 16 MMbbls upward technical revision. Genel continues to hold 11.7 million barrels of these 2P Resources, which are related with the Tawke field Enhanced Oil Recovery project, as 2C.

Taq Taq (44% working interest, joint operator) has gross 2P reserves of 23.4 MMbbls at the end of 2023 (23.9 MMbbls at the end of 2022), with 0.5 MMbbls of production.

Genel previously reported 2.8 MMbbls of net 2P reserves at Sarta (30% working interest; operator). The Sarta PSC ended on December 1, 2023.