Genel Energy welcomes restart of Kurdistan oil exports

Genel Energy plc welcomed agreements between the Federal Government of Iraq, the Kurdistan Regional Government, and international oil companies to resume crude oil exports from Kurdistan via the Iraq-Türkiye Pipeline, effective September 27, 2025. Genel Energy will continue domestic sales from its Tawke licence, while partner DNO ASA has been instructed to prepare for export. DNO will deliver the Kurdistan Regional Government's share of Tawke licence sales (currently 38,000 barrels per day) for export.

The foreign contractor group, including DNO and Genel Energy International Limited, will continue selling its 30,000 barrels per day to local buyers at low $30s per barrel. These local buyers have established arrangements to place the oil into the export pipeline. Current agreements conclude at year-end 2025, with an initial payment of $14 per barrel (after transportation costs) expected mid-December. This is subject to adjustment in 2026 based on commercial models evaluated by a Baghdad consultant.

DNO is undertaking a major production expansion at the Tawke and Peshkabir fields, including drilling eight wells in 2026, aiming for 100,000 barrels per day. This ambitious program requires immediate, predictable, and continuous funding.