Gross 2P reserves
bopd gross production in H1 2016
The Taq Taq licence area, with gross 2P reserves standing at 172 mmbbls, is situated in the Zagros basin where large, elongated anticlines dominate. The Taq Taq licence area is located 60 km northeast of the Kirkuk oil field and the adjacent city of Kirkuk, 85 km southeast of the city of Erbil and 120 km northwest of the city of Sulaimaniah. The gross area of the Taq Taq licence area is approximately 951 square km.
The Taq Taq field has been producing since 2006. As of 31 December 2015 the field had produced 184 mmbbls.
Gross remaining recoverable 2P reserves at 31 December 2015 were estimated at 172 mmbbls by McDaniel in its technical reserves assessment dated 27 February 2016. The proven plus probable plus possible (‘3P’) reserves at 31 December 2015 were assessed by McDaniel at 416 mmbbls.
The Taq Taq field produced an average of 68,800 bopd in H1 2016, a 46% decrease compared to H1 2015. 62% of production in the first half was supplied to the KRG for export via the KRI-Turkey pipeline. A further 34% was supplied to the Bazian refinery, with the remainder sold into the domestic KRI market.
Genel’s strategy at Taq Taq aims to manage reservoir performance, and maximise recovery. The Company is actively managing the reservoir to reduce water ingress across the field, with a current water cut of c.10%.
The first well in the 2016 Taq Taq work programme, the side-track of the TT-27 well, was successfully drilled and completed in the Shiranish reservoir during June 2016.
The second well in the programme, TT-07z, commenced drilling in mid-June and recently reached target depth of 2,780 metres. TT-07z is being drilled primarily as an additional oil producer in the Upper Shiranish reservoir, but the well also penetrated the deeper Kometan and Qamchuqa reservoirs to assess the potential for undrained oil in the matrix and/or fracture networks in these horizons. A testing programme is set to commence shortly and be completed in coming weeks, with the well expected to be brought into production in September.
The third well in the 2016 programme is expected to be a side-track of the TT-16 well.