The Taq Taq licence area, with gross 2P reserves standing at 541 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 Sulaimaniyah. The gross area of the Taq Taq licence area is approximately 640 square km.
The Taq Taq field produced a gross average of 103,000 bopd in 2014, compared to 77,000 bopd in 2013. Pipeline exports to international markets via Turkey commenced in May 2014 and steadily increased over the year. Exports (via pipeline and truck) and domestic sales were split broadly equally over the year.
After the installation of temporary well-site production facilities during the year, end-2014 surface processing capacity stood at 135,000 bopd. The installation of a temporary production facility will further increase processing capacity to 150,000 bopd in Q1 2015. The completion and commissioning of the second permanent central processing facility, which has planned capacity of 90,000 bopd, is expected by year-end 2015.
There are four oil bearing zones that have been discovered in the Taq Taq field, one in the Oligocene Pilaspi formation and three in the Upper Cretaceous Shiranish, Kometan and Qamchuqa formations. The producing Cretaceous reservoirs contain a light, very low gas-to-oil ratio with an API gravity of 48 degrees.