Genel Energy PLC Announces Year-End 2023 Oil Reserves Update

On March 14, 2024, Genel Energy PLC ('Genel') provided an update on its oil reserves as of the end of 2023. The year witnessed changes in their working interest oil reserves, with proven (1P) reserves decreasing to 63.4 MMbbls, proven plus probable (2P) reserves to 88.9 MMbbls, and proven plus probable plus possible (3P) reserves to 110.9 MMbbls.

According to DeGolyer and MacNaughton, Tawke licence with a 25% working interest by Genel experienced a slight decrease in 2P reserves to 326 MMbbls by year-end 2023, adjusting for production and a technical revision. Genel retains a portion of these reserves for an Enhanced Oil Recovery project. Taq Taq field, under a joint operation with a 44% interest, reported a minor decline in gross 2P reserves to 23.4 MMbbls after production activities.

The announcement also acknowledged the termination of Sarta PSC in December 2023, where Genel had previously claimed 2.8 MMbbls of net 2P reserves. Despite the adjustments and project closures, Genel continues its operations focusing on managing its portfolio across different assets.