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Genel Energy PLC: Update on Status of Tawke L...
Genel Energy welcomes agreements to resume crude oil exports from Kurdistan through the Iraq-Türkiye Pipeline. While Genel Energy will continue selling 30,000 barrels a day to local buyers, the Kurdistan Regional Government's share of sales from the Tawke license, averaging 38,000 barrels a day, will be delivered for export. The current agreements conclude at year-end, with initial payments of USD 14 per barrel expected in mid-December after transportation cost deductions. A Baghdad-designated consultant will adjust this figure in 2026 following an evaluation of commercial models. An expansion program at the Tawke and Peshkabir fields aims for a production target of 100,000 barrels a day in 2026. Disclaimer*
About this update from Genel Energy Plc
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nGenel Energy PLC (GENL)\n\n\n\n\n\n\nGenel Energy PLC: Update on Status of Tawke Licence Exports 26-Sep-2025 / 08:02 GMT/BST\n\n\n26 September 2025\n\n \n\nGenel Energy plc\n\nUpdate on Status of Tawke Licence Exports\n\n \n\nGenel Energy (“the Company”) welcomes that agreements have been reached between the Federal Government of Iraq, the Kurdistan Regional Government and a group of international oil companies to resume exports of crude oil produced in Kurdistan through the Iraq-Türkiye Pipeline.\n\n \n\nThe Company continues to sell oil produced from the Tawke licence domestically on a cash up front basis and notes the release made by DNO this morning.\n\n \n\nDNO Updates Status of Tawke License Oil Exports \n\n \n\nOslo, 26 September 2025 - DNO ASA, the Norwegian oil and gas operator, today announced that it been instructed to prepare for commencement of oil exports through the Iraq-Türkiye Pipeline on 27 September 2025, following agreements reached between the Federal Government of Iraq, the Kurdistan Regional Government and a group of international oil companies. \n\n \n\nDNO accordingly will deliver the Kurdistan Regional Government’s share of sales from the Company’s operated Tawke license, currently averaging 38,000 barrels a day, for export. The balance of the oil, representing the share of sales the foreign contractor group consisting of DNO and Genel Energy International Limited, currently averaging 30,000 barrels a day, will continue to be sold to local buyers under existing contracts.\n\n \n\n“DNO is pleased that exports of oil from the Kurdistan Region have been unlocked and will now flow to international markets,” said Executive Chairman Bijan Mossavar-Rahmani. “We have elected not to engage directly in exports at this time and will continue to sell our oil on a monthly, cash-and-carry, basis to our buyers at a per barrel price in the low USD 30s,” he explained.\n\n \n\n“But we understand our buyers have set up their own arrangements to place oil purchased from us into the export pipeline, a move we welcome as it supports the larger export project,” Mr. Mossavar-Rahmani said.\n\n \n\nThe term of the current agreements between the Federal Government of Iraq, the Kurdistan Regional Government and those international oil companies whi...