By John Lee.
Genel Energy plc has updated its oil reserves across its portfolio.
| Net oil Reserves (MMbbls) | 1P | 2P | 3P |
| 31 December 2020 | 69.4 | 117.2 | 177.2 |
| Production | (11.6) | (11.6) | (11.6) |
| Technical revisions | 4.8 | (1.4) | (28.9) |
| 31 December 2021 | 62.6 | 104.2 | 136.6 |
International petroleum consultants DeGolyer and MacNaughton, working on behalf of the operator DNO, assess that Tawke licence (Genel 25% working interest) gross year-end 2021 2P reserves stood at 357 MMbbls, compared to 394 MMbbls at year-end 2020, after adjusting for production of 40 MMbbls and an upward technical revision of 3 MMbbls.
Pending further analysis of the performance of the Enhanced Oil Recovery project, Genel continues to hold 23 MMbbls of those 2P gross reserves in 2C resources.
At Taq Taq (44% working interest, joint operator), 2P gross reserves stood at 26 MMbbls at year-end 2021 (33 MMbbls at end-2020), following a downward technical revision of 5 MMbbls and production of 2 MMbbls. McDaniel & Associates carried out the independent assessment of the Taq Taq licence.
At Sarta (30% working interest, operator) Genel’s gross 2P reserve estimate relating to Phase 1A of the Sarta development remains unchanged, less production, at year-end 2021 at 32 MMbbls (34 MMbbls at the end of 2020), following production of 2 MMbbls.
Flow testing of Sarta-1D is currently ongoing, and the appraisal results of Sarta-5 and Sarta-6 will be incorporated into our assessment of the reserves of Sarta at the appropriate time.
(Source: Genel Energy)
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