Genel Energy will embark on a plant and pipeline upgrade of the Tawke oilfield following a significant increase in the gross reserves of the field.
Will increase production
The upgrade will significantly increase the production capacity of the field from its current limit of 75,000 bpd a day to 100,000 bpd by the end of this year.
Daily output in November was 42,798 barrels. The December figure, still to be confirmed, was expected to be some 60,000 bpd.
The upgrading work will coincide with the anticipated drilling of five development wells on the field, the first of which was spudded at the end of December. The well will test the additional resource potential of the northern flank of the Tawke field.
Genel’s drive for increased production comes on the back of a report from a US-based company which put 2P reserves at 509mn barrels of oil, a 78 per cent leap on the 286mn barrels estimated in a November report.
Estimated at 876mn barrels
“Gross proven, plus probable, plus possible reserves (3P) are now estimated at 876mn barrels of oil, an increase of 68 per cent on the previously reported figure,” Genel wrote in a company announcement.
Tony Hayward, chief executive of Genel Energy said: "The major plant and pipeline upgrade underlines our confidence in the huge potential of the Tawke field. We are delighted by the upward reserves revision which further reinforces our belief that these are genuinely world-class assets in an area of outstanding geological heritage."
Could be more reserves
Genel also highlighted that there could be yet more reserves within the field as it and its partners plan to drill Tawke Deep in the second half of the year, targeting another 200mn barrels of gross unrisked mean resources.
Genal added: “In addition, the current Peshkabir-1 exploration well, which is on the West Dohuk structure area of the Tawke licence, is targeting 304mn barrels of gross unrisked mean resources. Results are expected in the second quarter.´
