Gross 2P reserves
bopd gross production in 2016
The Taq Taq licence area, with gross 2P reserves standing at 172 mmbbls as at 31 December 2015, 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 2016 the field had produced 206 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 60,100 bopd in 2016, of which the majority was supplied to the KRG for export via the KRI-Turkey pipeline.
Through development drilling and reservoir management, the focus at Taq Taq remains mitigating field declines. Genel expects production from the field to average 24-31,000 bopd in 2017.
The Company is currently in the process of preparing a revised Field Development Plan (‘FDP’), which is expected to be completed in Q1 2017. The revised FDP will establish the next phase of the development plan, notably with respect to new development well locations and the overall reservoir management strategy, while also identifying necessary resources and technologies required to implement future activity. In advance of the FDP completion, a 1,500 bhp rig has been procured and is expected to be on location in February 2017, providing greater optionality around development drilling at Taq Taq.