Genel Energy PLC (GENL) 
Genel Energy PLC: Report on payments to governments 
01-Apr-2021 / 10:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
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1 April 2021 
 
Genel Energy plc 
 
Report on payments to governments for the year 2020 
 
Introduction and basis for preparation 
This report sets out details of the payments made to governments by Genel Energy plc and its subsidiary undertakings 
('Genel') for the year ended 31 December 2020 as required under the Disclosure and Transparency Rules of the UK 
Financial Conduct Authority (the 'DTRs') and in accordance with our interpretation of the Industry Guidance issued for 
the UK's Report on Payments to Governments Regulations 2014, as amended in December 2015 ('the Regulations'). The DTRs 
require companies in the UK and operating in the extractives sector to publically disclose payments made to governments 
in the countries where they undertake exploration, prospection, development and extraction of oil and natural gas 
deposits or other materials. 
 
This report is available to download at www.genelenergy.com/investor-relations/results-reports-presentations. 
 
Governments 
All of the payments made in relation to licences in the Kurdistan Region of Iraq ('KRI') have been made to the Ministry 
of Natural Resources of the Kurdistan Regional Government ('KRG'). 
 
Production entitlements 
Production entitlements are the host government's share of production during the reporting period from projects 
operated by Genel. Production entitlements from projects that are not operated by Genel are not covered by this report. 
The figures reported have been produced on an entitlement basis rather than on a liftings basis. Production 
entitlements are paid in-kind and the monetary value disclosed is derived from management's calculation of revenue from 
the field. 
 
Royalties 
Royalties represent royalties paid in-kind to governments during the year for the extraction of oil. The terms of the 
Royalties are described within our Production Sharing Contracts and can vary from project to project. Royalties have 
been calculated on the same barrels of oil equivalent basis as production entitlements. 
 
Materiality threshold 
Total payments below GBP86,000 made to a government are excluded from this report as permitted under the Regulations. 
 
payments to governments - 2020 
 
 
Country/Licence                              KRI Total (1) Taq Taq (2) 
 
Production entitlement (bbls)                1,580,718.64  1,580,718.64 
Royalties in kind (bbls)                     355,074.89    355,074.89 
Total (bbls)                                 1,935,793.53  1,935,793.53 
 
Value of production entitlements (USD million) 56.98         56.98 
Value of royalties (USD million)               12.71         12.71 
Capacity building payments (USD million) (3)   2.59          2.59 
Total (USD million)                            72.28         72.28  1. Under the lifting arrangements implemented by the KRG, the KRG takes title to crude at the wellhead and then

transports it to Ceyhan in Turkey by pipeline. The crude is then sold by the KRG into the international market. All

proceeds of sale are received by or on behalf of the KRG, out of which the KRG then makes payment for cost and

profit oil in accordance with the PSC to Genel, in exchange for the crude delivered to the KRG. Under these

arrangements, payments are in fact made by or on behalf of the KRG to Genel, rather than by Genel to the KRG. For

the purposes of the reporting requirements under the Regulations however, we are required to characterise the value

of the KRG's entitlement under the PSC (for which they receive payment directly from the market) as a payment made

to the KRG. Therefore, estimated value in USDmillions is not paid to the KRG, and is calculated to meeting the

reporting requirements under the regulations 2. The amount reported for Taq Taq, is the gross payment made to the KRI by the operating company (TTOPCO), Genel's

share of these payments is equal to 55% (with the exception of capacity building payments) 3. Capacity building payments reported are payments made by Genel directly to the KRI in cash as required by the PSC.

-ends-

For further information please contact: 


Genel Energy 
                                       +44 20 7659 5100 
Andrew Benbow, Head of Communications 
 
Vigo Communications 
                                       +44 20 7830 9700 
Patrick d'Ancona

Notes to editors:

Genel Energy is a socially responsible oil producer listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company is one of the largest London-listed independent hydrocarbon producers, with an asset portfolio that positions us well for a future of fewer and better natural resources projects. Genel has low-cost and low-carbon production from the Sarta, Taq Taq, and Tawke licences in the Kurdistan Region of Iraq, providing financial resilience that allows investment in growth and the payment of a material and sustainable dividend, even at a low oil price. Genel also continues to pursue further growth opportunities. For further information, please refer to www.genelenergy.com. ----------------------------------------------------------------------------------------------------------------------- 


ISIN:          JE00B55Q3P39, NO0010894330 
Category Code: MSCL 
TIDM:          GENL 
LEI Code:      549300IVCJDWC3LR8F94 
Sequence No.:  96759 
EQS News ID:   1180418 
 
End of Announcement  EQS News Service 
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April 01, 2021 05:00 ET (09:00 GMT)