gross 2P reserves
bopd gross PSC production in 2019
The Tawke PSC produced an average of 123,940 bopd in 2019, with production from Peshkabir contributing 55,190 bopd to this figure.
Production from the Tawke PSC benefits from the Receivable Settlement Agreement, and these increases bolster free cash flow generation.
13 firm and two contingent producers were planned to be drilled at the Tawke field in 2020, 10 in the Cretaceous and others in the Jeribe, as the Operator aimed to minimise decline rates. Given the fact that staff movements and rotations have been impacted by border closings, quarantines and other coronavirus travel restrictions, and the current delay in payments from the KRG, this investment has been scaled back. Of the four rigs at the Tawke site, one rig is set to be released following the completion of T-69, while two other rigs are set to complete the current wells at Peshkabir and Tawke and then remain on site, allowing for a prompt resumption of activity once the external environment allows. One rig will continue activity at Tawke, focused on workovers and well interventions. Given the performance of the underlying well stock in 2019, this deferred investment is expected to be cash flow positive in 2020, although the increased decline will impact 2021.
The operator expects the Peshkabir-to-Tawke gas gathering and reinjection project, designed to eliminate flaring at Peshkabir as much as practicable while increasing oil recovery rates at Tawke, to be completed in April 2020.
||Working interest reserves (MMbbls)