In the first six months of 2025, the Tawke contract area (Tawke–Peshkabur) produced 14,311,833 barrels of oil, with domestic sales averaging $33 per barrel. This generated total field revenue of $472,290,473. Of this, Genel Energy and DNO together received $142,112,000 in company proceeds (cost recovery plus profit oil), while the government take was $330,178,000. This equates to roughly 30.1 percent to the companies and 69.9 percent to the government based on the $33 per barrel realized price.

Genel Energy CEO Paul Weir, speaking during a webinar on the company’s H1 2025 results in the Kurdistan oilfields, said the Tawke production sharing contract delivered strong operational performance and consistently met domestic demand during the period. He noted that, combined with the company’s 2024 cost-reduction program, this supported positive free cash flow.

“Our current cash balance is $225 million,” Weir added. “This gives us financial flexibility and the capacity to pursue new producing assets and geographic diversification, which remains a strategic priority.”

On the damage caused by drone strikes on the Tawke oilfields, CFO Luke Clements said the company expects to limit the cash impact of the damage and temporary delays through ongoing cost control and insurance coverage for such incidents. He reaffirmed guidance for no material change to the year-end cash position.

Weir confirmed that a small storage tank at Tawke was destroyed beyond repair and one production unit at Peshkabur was damaged. While the damage has minimal impact on potential output, production at the field is temporarily shut in. The company’s insurance covers both physical damage and business interruption, with claims currently under assessment.

Clements cautioned, however, that Iraq’s political volatility makes it difficult to predict when the Iraq–Turkey export pipeline will reopen or when a comprehensive agreement might be reached. He said operators’ demands are clear: a written commitment preserving PSC terms, specifying entitlements, and recognizing actual costs. Under the current interim framework, cost purposes are calculated at $16 per barrel pending a final determination, which companies argue is below their true costs.

Genel holds a 25 percent interest in the Tawke PSC (covering the Tawke and Peshkabur fields), while DNO holds 75 percent. Tawke is the second-largest producing field in the Kurdistan Region after Khurmala.

  • Q1 2025 average production: 82,081 barrels per day
  • Q2 2025 average production: 74,760 barrels per day
  • H1 2025 average production: 78,421 barrels per day

Genel’s share averaged 19,605 bpd in H1 2025, with DNO’s share averaging 58,815 bpd. The modest decline in Q2 output was attributed to the 12-day Iran–Israel conflict.

Domestic sales in H1 2025 realized $33 per barrel, compared with an average Brent price of $72, a $39 differential, meaning realizations were about 46 percent of Brent. The realized domestic price averaged $34/bbl in H1 2024 and $35/bbl for full-year 2024. Operating costs remain below $4/bbl.

Overall, H1 2025 output from the Tawke PSC totaled 14,311,833 barrels, generating $472,290,473 in revenue at $33/bbl. Within this, Genel’s proceeds (cost recovery plus profit share) were $35,846,000 and DNO’s were $106,265,000, leaving the government take at $330,178,000.