Genel Energy

What Genel Energy does

Genel Energy plc is a Jersey-incorporated, UK tax-domiciled upstream oil and gas company listed on the London Stock Exchange under ticker LON:GENL. The company was founded in 2002 as the first firm to sign a Production Sharing Contract in the Kurdistan Region of Iraq and has invested $3.5 billion in the region over two decades. Its core producing asset is a 25% non-operated working interest in the Tawke PSC, comprising the Tawke and Peshkabir oil fields, operated by DNO with a 75% interest. Net working interest production averaged 17,520 bopd in 2025 with industry-leading operating costs of approximately $4/bbl, supported by the Associated Gas Injection (AGI) project which has saved approximately 2.3 million tonnes of CO2e emissions since inception.

The company monetizes crude oil production through domestic sales to the Kurdistan Region of Iraq market and exports via the Iraq-Turkey pipeline to international markets under PSC cost oil and profit oil allocation mechanics. Genel holds exploration interests in Oman Block 54 (40% working interest with OQEP) and Somaliland SL10B/13 (51% working interest), and has announced a $360 million acquisition of Capricorn Energy expected to close in H2 2026 to add an Egyptian Western Desert portfolio. The company ended 2025 with a net cash position of $134 million and maintains an $100 million senior unsecured bond (11% coupon, maturing April 2030). Operations are supported by 74 employees across offices in London, Istanbul, Hargeisa, and Erbil.

The customer base is concentrated on a small number of government and enterprise counterparties, primarily the Kurdistan Regional Government (with $88 million in overdue receivables as of Q1 2026) and DNO as joint venture operator. The company has paid over $200 million in dividends between 2019 and 2023 but suspended distributions following the Iraq-Turkey pipeline closure in March 2023. Strategic priorities are maintaining a strong balance sheet, restoring resilient cash generation from existing and newly acquired assets, and resuming regular dividend payments.

Name

Genel Energy

Legal name

Genel Energy plc

Website

https://genelenergy.com

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Genel Energy plc is a publicly listed upstream oil and gas producer with a 25% working interest in the Tawke PSC in Kurdistan Region of Iraq, plus exploration assets in Oman and Somaliland and a pending acquisition of Capricorn Energy to add an Egyptian portfolio.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Others

Revenue model

1. Oil and Gas Production Sales: Revenue generated from sale of crude oil produced from the Tawke PSC in Kurdistan Region of Iraq. Production sold domestically to KRI market and via exports through Iraq-Turkey pipeline. Post-acquisition will include Egyptian Western Desert production.
2. Asset Management and Joint Venture Operations: Company holds working interests in production sharing contracts, receiving revenue share based on cost oil, profit oil allocation under PSC terms. 25% working interest in Tawke PSC operated by DNO.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Genel Energy is an upstream oil and gas company that produces and sells crude oil from its working interests in Production Sharing Contracts (PSCs). The company's core production asset is the Tawke PSC in the Kurdistan Region of Iraq (25% working interest, operated by DNO), which includes the Tawke and Peshkabir fractured carbonate fields. It also holds exploration interests in Oman (Block 54, 40% WI) and Somaliland (SL 10B/13, 51% WI), and has announced the acquisition of Capricorn Energy for diversification into Egypt's Western Desert.

Product overview

Genel Energy is a socially responsible oil producer operating a portfolio of production and exploration assets. The company's core production comes from the Tawke PSC (25% working interest) in Kurdistan Region of Iraq, which comprises the Tawke and Peshkabir oil fields. The company holds exploration interests in Oman Block 54 (40% working interest) and Somaliland SL 10B/13 (51% working interest). Additionally, the company has issued senior unsecured corporate bonds. The portfolio is managed through three strategic objectives: maintaining a strong balance sheet, resilient cash generation from production assets, and investment in new cash flows through exploration and acquisitions.

Differentiator

Problem solved

Functional benefit

Products and services

• Tawke PSC World-class production asset comprising the Tawke and Peshkabir fractured carbonate oil fields in the Kurdistan Region of Iraq, operated in tandem with DNO. Genel holds a 25% working interest (DNO 75%). Gross 2P reserves of 254 MMbbls, gross production averaged 70,090 bopd in 2025, and industry-leading operating costs of approximately $4/bbl. Combined Q4 2025 gross production with DNO exceeded 77,000 bopd.
• Somaliland SL 10B/13 Exploration licence in Somaliland with 51% working interest, representing significant potential for organic growth. The Toosan-1 exploration well is being prepared for drilling on the block.
• Oman Block 54 (Karawan Concession) Exploration block in the Sultanate of Oman on the eastern side of the South Oman Salt Basin with 40% working interest, partnered with OQ Exploration & Production SAOG (OQEP). Initial activities include re-entry and testing of the Batha West-1 discovery well, with 2026 plans for 3D seismic reprocessing and new acquisition.
• Senior Unsecured Corporate Bond Senior unsecured bonds issued by Genel Energy Finance 4 plc with $100 million outstanding, 11% coupon, maturing 9 April 2030, listed in Norway (ISIN: NO0013512384). $35 million tap issue successfully priced at 104% of nominal amount via Pareto Securities AS.

Quantifiable outcome

• Opex of ~$4/bbl at Tawke PSC
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Six partnerships are on record, tiered core and minor.

• OQ Exploration & Production SAOG (OQEP)coreStrategic or Co-development Partner · 16 November 2025Genel entered into an Exploration and Production Sharing Agreement with OQEP for Block 54 (Karawan Concession) in the Sultanate of Oman. Genel holds 40% working interest. Block is on eastern side of South Oman Salt Basin adjacent to existing production activities with existing discovered resources and further exploration potential.
• SHIFAT (Local Charity)minorOthersPartnered with local charity SHIFAT for mobile medical clinic programme in Somaliland. Programme provided over 31,000 treatments across 20 villages in vicinity of Toosan-1 drilling project.
• Edna Adan University Hospital (EAUH)minorOthersEAUH ran Genel's Mother and Child Healthcare Programme in Somaliland, providing vital educational sessions and essential health services to rural community members.
• CPC TaiwanminorOthersGenel and CPC Taiwan co-funded an emergency water distribution project in Somaliland, delivering over 9 million litres of clean water to 147 villages across Togdheer, Saraar and Sanaag regions.
• DNOcoreStrategic or Co-development PartnerDNO operates the Tawke PSC (75% working interest) where Genel holds 25% working interest. DNO and Genel produced over 77,000 bopd from Tawke and Peshkabir fields in Q4 2025. Joint venture partnership agreed plans for restart of investment drilling following 2-year hiatus.
• Kurdistan Regional Government (KRG)coreStrategic or Co-development PartnerGenel signed first PSC in Kurdistan Region of Iraq in 2002, becoming the first company to do so. Operates under Production Sharing Contract with KRG Ministry of Natural Resources. $88 million remains overdue from KRG as of Q1 2026.

Scale indicators8 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• DNO ASA: DNO ASA is the operator of the Tawke PSC (75% working interest) and Genel's joint venture partner. DNO is a Norwegian-listed independent E&P focused on the Kurdistan Region of Iraq and North Sea, with the same core asset base, the same cost discipline and the same regional/geopolitical exposure. Most directly comparable company to Genel.
• Gulf Keystone Petroleum: Gulf Keystone Petroleum is a London-listed independent E&P that operates the Shaikan field in the Kurdistan Region of Iraq. Same host country, same fractured carbonate reservoir play, same PSC economic structure, and similar mid-cap E&P profile. The closest direct peer in terms of geography, asset type, and customer base.
• ShaMaran Petroleum: ShaMaran Petroleum is a junior E&P focused on the Atrush block in the Kurdistan Region of Iraq. Pure-play KRI exposure with PSC economics, similar small-mid cap scale, and overlapping customer (KRG) and export channel (Iraq-Türkiye pipeline). Highly relevant peer for Genel's core asset exposure.
• Capricorn Energy: Capricorn Energy is a UK-listed E&P focused on the Egyptian Western Desert, and is the subject of Genel's announced $360M cash acquisition. Same scale and same independent E&P model, with a closely comparable revenue model (crude sales to host government counterparties). Most comparable peer for the post-acquisition Genel.
• Pharos Energy: Pharos Energy is a London-listed independent E&P with production and exploration assets in Egypt and Vietnam. Similar small-mid cap scale, similar host-government counterparty model, and similar North Africa / MENA regional exposure. Comparable to Genel's pre- and post-Capricorn portfolio mix.
• Tower Resources: Tower Resources is a London-listed junior E&P with exploration interests in Africa (Cameroon, South Africa) and elsewhere. Small-cap independent E&P with similar frontier/emerging-market asset focus and similar PSC-driven revenue model. Comparable in scale and operational model to Genel's exploration portfolio.
• SOCO International: SOCO International is a London-listed independent E&P with a historical focus on Africa and Vietnam production assets. Similar small-mid cap E&P profile, similar host-government counterparty model, and similar frontier / emerging-market asset mix. Comparable as a UK-listed independent E&P of similar scale.
• Africa Oil Corp: Africa Oil Corp is a Canadian-listed E&P with a portfolio of producing and exploration assets across Africa. Similar small-mid cap scale, similar independent E&P model, and overlapping host-government counterparties and PSC economics. Comparable on geography and asset structure to Genel's exploration portfolio.

Broad incumbents

• Dana Gas: Dana Gas is a larger MENA-focused natural gas and oil E&P listed in Abu Dhabi, with significant Kurdistan exposure via Pearl Petroleum. Larger and more diversified than Genel but with overlapping KRI PSC economics and regional operating model. Genel's Chair, Patrick Allman-Ward, was previously Dana Gas CEO.
• Eni: Eni is a global supermajor with material upstream interests in Iraq/Kurdistan (e.g., Zubair field) and across the Middle East and North Africa. Functions as a broader incumbent in the same upstream geographies and host-government commercial relationships, providing a reference for regional E&P economics and PSC terms.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

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Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Genel Energy