(Adds details, background)
Feb 14 (Reuters) - Iraqi Kurdistan-focused Genel Energy
reported on Wednesday a 40 percent replacement of
proved reserves (1P reserves) at its Taq Taq field, once
considered the company's flagship field.
"The 40 percent replacement of 1P reserves at Taq Taq
follows the success of well TT-29w, and reflects the stability
in cash-generative production that we have seen from the field
in the second half of 2017," the company's chief executive,
Murat Ozgul, said in a statement.
Genel, however, said its proved plus probable gross reserves
at Taq Taq were estimated at 54.7 million barrels (MMbbls) as of
Dec. 31, lower than the 59.1 MMbbls as of Feb 28.
Last month, Genel forecast a fall in full-year production
due to a continuing slide in output from the Taq Taq field after
a well hit water in 2016.
The Kurdistan Regional Government's (KRG) independence
referendum late last year that led to a military confrontation
with Baghdad as well as sanctions from neighbouring countries
have also hurt Genel as it slowed the company's efforts to find
a partner to develop the Miran and Bina Bawe gas fields.
Bina Bawi gross 2C light oil resources were estimated at
37.1 MMbbls as of Dec. 31, compared to 13 MMbbls as of July
2013, Genel said.
Genel said the Bina Bawi field represents a "potentially
attractive near-term development candidate" for the company due
to its close proximity to export infrastructure.
Miran West gross 2C heavy oil resources were estimated at
23.7 MMbbls as of Dec. 31, compared to 52 MMbbls as of April
2013, Genel said, adding that it has taken a more conservative
view and will only record 18.5 MMbbls of viable 2C contingent
resources at the field.
(Reporting by Arathy S Nair in Bengaluru; Editing by Sunil
First Published: 2018-02-14 09:34:44
Updated 2018-02-14 10:00:18
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