Genel Energy PLC (LSE:GENL, OTC:GEGYY) has reported to investors its 2023 year-end oil reserves, comprising 88.9 million barrels of proved and probable (2P) reserves.
The annual figures, released in a statement, reflect the preceding year's production along with revisions of estimates, and portfolio changes.
At Genel’s 25% owned Tawke licence, the company said gross reserves were counted at 326 million barrels, whilst noting some (11.7 million) of those barrels related to the Tawke enhanced oil recovery project are retained by Genel as 2C resources.
Tawke saw 17 million barrels of production in 2023, but it was also subject to an upward technical revision of 16 million barrels, Genel noted.
At the Taq Taq field, 44% owned by Genel, had gross 2P reserves of 23.4 million barrels.
The Sarta production sharing contract (PSC), which was terminated in December 2023 and was 30% owned by Genel, was said to contain 2.8 million barrels of net 2P reserves at Sarta prior to its cancellation.