Proved and probable oil reserves at Gulf Keystone Petroleum’s Shaikan oilfield have increased from 299mn gross barrels to 639mn gross barrels, based on an updated Competent Person’s Report
The oilfield’s proven reserves have now increased 55 per cent to 306mn barrels from 198mn barrels last March, said the report.
Based on the new findings, the Iraqi oil and gas explorer can focus on developing the field at lower costs. The company’s Shaikan oilfield, located in northern Iraq, has the potential to produce 100,000 bopd. Using gas to aid oil recovery rather than water means the field’s performance is more predictable, said the company. Now, each well can yield more reserves and operating costs (per barrel) are lower.
The company’s chief executive Jón Ferrier described the new development as “a further independent endorsement of the calibre of Shaikan as a world-class field”, adding that their technical confidence has markedly improved following the update.
Further, the company is preparing a revised field development plan based on fewer wells.
