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 December 2016 the field had produced over 200 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.
The final well of the 2016 Taq Taq drilling programme, TT-16y, was drilled and completed in December 2016 in the main Shiranish reservoir, flowing naturally at c.8,000 bopd.
Gross Taq Taq production as at 23 December was c.40,000 bopd, with Q4 2016 averaging 45,000 bopd to that date. The Pilaspi reservoir is being readied for production in January 2017, and is expected to contribute c.3,000 bopd.
Through development drilling and reservoir management, the focus at Taq Taq remains mitigating field declines and reducing the concentration of production from the crest of the field.
The updated Field Development Plan and the Competent Person’s Report for Taq Taq are on track for completion in Q1 2017.