Genel's Iraqi Kurdistan Gas Reserves Boosted
UK-listed Genel Energy has significantly upgraded its combined 2C gross (100% working interest raw gas resource estimate for the Bina Bawi and Miran West fields in Iraqi Kurdistan, it said January 19. The additional 40% is due to better understanding of the geology and the recovery rate, it said, based on a report it had commissioned from RPS.
The RPS assessment of the combined gross 2C raw gas resource for both fields now stands at 14.792 trillion ft³ (419bn m3), excluding perhaps as much as 137mn barrels of condensate, it said.
Since February 2017 Genel has owned all of both production-sharing contracts, resulting in a combined pro-forma end-2016 2C resource of 10.53 trillion ft³. But attempts at finding a farm-in partner have led nowhere. The gas is destined for Turkey if a final investment decision is taken.
Genel reserves
|
|
Gross 2C Contingent Resources Raw gas (trillion ft³) |
||
|
|
Previous |
Revised |
Change |
|
Bina Bawi |
6.472 |
8.230 |
27% |
|
Miran West |
3.688 |
6.562 |
78% |
RPS's updated analysis of the raw gas resources on both fields has benefited from updated reservoir simulation modelling combined with analogue analysis jointly created and developed by Genel and Baker Hughes (BHGE) since the original reports were produced.
The increase will be welcomed after its oil reserves in the politically unstable territory were downgraded. Iraqi forces retook areas of the Kurdish Regional Government (KRG) area of northern Iraq in October 2017 to reassert their authority, after a September 25 referendum in the region called by the KRG government backed the region's independence from Iraq. Both sides have since held talks to ease tensions, including a week ago.