Joint venture partner Genel Energy has released details from an updated independent audit of the reserves for the Taq Taq Field (Zagros Foldbelt Basin) in the Kurdistan Region of Iraq. The Competent Person's Report (CPR) was again undertaken by McDaniel & Associates and has resulted in an upward technical revision of proven reserves (1P) by 2.8 MMbo. The upward revision is attributed to the positive results from the Taq Taq 29w (TT-29w) well, which encountered a deeper free water level and more extensive oil bearing Cretaceous reservoirs on the northern flank of the field than previously forecast. Results from the recently completed Taq Taq 32 (TT-32) well have not been considered. TT-32 is currently contributing over 3,000 bo/d to a total field production of around 13,750 bo/d.<P />Taking 2018 production of 4.5 MMbo into account, 1P reserves declined from 22.8 MMbo (31 December 2017) to 21.1 MMbo (31 December 2018). Proven plus probable reserves currently stand at 50.5 MMbo, down from 54.7 MMbo at the end of 2017. <P />For 2019, the Taq Taq Field Development Plan (FDP) includes a five-well appraisal/development programme which is targeting opportunities on the flanks of the field. The second well of the campaign, Taq Taq 20z (TT-20z) is nearing completion and three further wells will follow. If the wells match the performance of TT-29w and TT-32, Taq Taq could deliver a significant year-on-year production increase, with room for further growth in 2020.<P />Taq Taq Operating Co (TTOPCO) Ltd is the designated operator and is jointly owned by Genel Energy International Ltd (55%) and Addax Petroleum International (Sinopec) (45%). The two companies hold a respective 44% and 36% interest in the Taq Taq PSC and are partnered by the Kurdistan Regional Government (KRG) (20%).
Joint venture partner Genel Energy has released details from an updated independent audit of the reserves for the Taq Taq Field (Zagros Foldbelt Basin) in the Kurdistan Region of Iraq. The Competent Person's Report (CPR) was again undertaken by McDaniel & Associates and has resulted in an upward technical revision of proven reserves (1P) by 2.8 MMbo. The upward revision is attributed to the positive results from the Taq Taq 29w (TT-29w) well, which encountered a deeper free water level and more extensive oil bearing Cretaceous reservoirs on the northern flank of the field than previously forecast. Results from the recently completed Taq Taq 32 (TT-32) well have not been considered. TT-32 is currently contributing over 3,000 bo/d to a total field production of around 13,750 bo/d.<P />Taking 2018 production of 4.5 MMbo into account, 1P reserves declined from 22.8 MMbo (31 December 2017) to 21.1 MMbo (31 December 2018). Proven plus probable reserves currently stand at 50.5 MMbo, down from 54.7 MMbo at the end of 2017. <P />For 2019, the Taq Taq Field Development Plan (FDP) includes a five-well appraisal/development programme which is targeting opportunities on the flanks of the field. The second well of the campaign, Taq Taq 20z (TT-20z) is nearing completion and three further wells will follow. If the wells match the performance of TT-29w and TT-32, Taq Taq could deliver a significant year-on-year production increase, with room for further growth in 2020.<P />Taq Taq Operating Co (TTOPCO) Ltd is the designated operator and is jointly owned by Genel Energy International Ltd (55%) and Addax Petroleum International (Sinopec) (45%). The two companies hold a respective 44% and 36% interest in the Taq Taq PSC and are partnered by the Kurdistan Regional Government (KRG) (20%).