Genel Energy PLC Reports 2023 Payments to Governments

On 4 April 2024, Genel Energy plc disclosed its annual payments to governments for the year ending 31 December 2023. This announcement, in line with the UK's Disclosure and Transparency Rules (DTRs), highlighted the company's contributions within the Kurdistan Region of Iraq (KRI). These payments are essential for the exploration, development, and extraction of oil and natural gas resources.

The report details payments made solely to the Ministry of Natural Resources of the Kurdistan Regional Government (KRG). It breaks down the production entitlements, representing the KRG’s share of production, and royalties paid in kind for oil extraction. Notably, the document specifies that any payments under £86,000 are excluded, adhering to the reporting standards prescribed.

For 2023, Genel Energy’s payments in KRI included over 303,607.97 barrels in production entitlements and 71,094.70 barrels in royalties in kind. The total contributions, expressed in dollars, amounted to $22.27 million, encompassing both production values and capacity building payments. The latter, direct cash contributions to the KRI as mandated by Production Sharing Contracts (PSC), are also itemized in the company’s comprehensive disclosure.

This financial disclosure emphasizes Genel Energy's commitment to transparency and regulatory compliance, illustrating its pivotal role in the Kurdish oil and gas sector. The detailed figures show a significant investment in KRI, underscoring the company's operational and financial integration within this key oil-producing region.