Genel Energy, DNO optimistic on Kurdistan oil export resumption

Genel Energy plc acknowledges recent statements and media reports indicating agreements between the Federal Government of Iraq, the Kurdistan Regional Government, and international oil companies for resuming pipeline oil exports from Kurdistan to Ceyhan. The company welcomes the significant progress, suggesting that straightforward adjustments to proposed terms and a payment plan for overdue receivables would make the conditions acceptable. Genel Energy continues to collaborate with peers and relevant governments to facilitate the resumption of exports as quickly as possible.

DNO ASA, operator of the Tawke PSC and Genel Energy’s joint venture partner, also welcomed reports of export resumption agreements. DNO emphasized its readiness to resume exports, provided payment surety is ensured for past arrears and future exports, based on its production sharing contracts with Kurdistan. DNO’s executive chairman, Bijan Mossavar-Rahmani, highlighted DNO’s unique exposure as the largest producer, with substantial arrears owed by the KRG.

DNO and Genel Energy International Limited have increased spending on repairs to the Tawke and Peshkabir fields following drone attacks in July 2025. Further investments are planned for 2026, including drilling eight wells in the Tawke license to target gross operated production of up to 100,000 barrels a day. Currently, DNO’s net entitlement share of oil is sold on a cash and carry basis, transported by road tanker to local refineries at a per barrel price in the low $30s.