Genel Energy provides annual reserves tally

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Genel Energy PLC (LON:GENL) has provided details from its annual reserves statement, confirming 117.2mln barrels of proved and probable (2P) reserves across its assets in the Kurdistan region of Northern Iraq.

Reserves as of 31 December 2020 comprised 69.4mln barrels in the Proved (1P) category, up slightly from 68.8mln a year ago, 117.2mln 2P reserves compared to 123.8mln in 2019, and 177.2mln barrels of proved, probable and possible (3P) versus 194.9mln.

In January, the company noted that its 25% owned Tawke asset – which includes the Tawke and Peshkabir fields – yielded gross production above 100,000 barrels of oil per day for the sixth consecutive year.

READ: Genel eyes growth in 2021

The Tawke field’s gross 1P reserves stood at 173mln barrels after 21mln barrels of production in the year, whilst gross 2P reserves amounted to 245mln barrels.

Peshkabir has 61mln barrels of 1P reserves after 19mln barrels of gross production, though it was offset by the derisking and upgrading of some 29mln barrels from the 2P into 1P category. The field had 125mln barrels of 2P remaining.

Additionally, Genel noted that an enhanced oil recover project started to deliver a positive impact on production volumes.

Separately, the 44% owned Taq Taq field was host to some 18mln 1P barrels at year-end and 33mln barrels of 2P.

This year, the report includes 34mln barrels of 2P for Phase 1A of the Sarta field development which recently began to yield production.

Genel also noted that it had 143.4mln barrels of contingent (2C) resources after technical revisions deducted 8.6mln theoretical barrels over the year.

A well, QD-2, is slated to test a portion of the Qara Dagh prospect which is estimated to have some 400mln barrels of prospective resources, meanwhile, Genel highlighted that it continues to estimate the ‘down-dip’ segment of the prospect, as tested by the prior QD-1 well, as a 47mln barrel 2C resource.

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