Genel Energy confirmed an approximately 40 per cent upgrade to the combined contingent (2C) gross raw gas reserves estimate for the Bina Bawi and Miran West fields in Iraqi Kurdistan.
The Iraq and North Africa-focused company said RPS Energy Consultants finalised its evaluation of the contingent gas resources at both Iraqi assets in which Genel has a 100 per cent working interest and operatorship.
The combined gross 2C raw gas resource for both fields now stands at 14,792 billion standard cubic feet (Bscf), a figure which excludes associated condensate volumes attributable to the upstream partners, Genel said in a statement.
Meanwhile, the combined gross condensate volumes potentially recovered from raw gas production at both fields totals 137 million stock tank barrels.
The 2018 RPS estimates of combined 2C resources from both fields have increased around 40 per cent compared to the pro-forma end-2016 2C resource.
In February 2017 the Genel increased its interest in both PSCs to 100 per cent, resulting in a combined pro-forma end-2016 Genel 2C resource of 1,815 MMboe (10,530 Bscf2).
Genel at the end of 2016, reported 2C resources included net raw gas resources from Miran and Bina Bawi totalling 1,421 MMboe1, which related to Genel’s respective 80 per cent and 75 per cent interests in the Bina Bawi and Miran PSCs at that time.
The revised Bina Bawi 1C gross raw gas resource estimate is more than 50 per cent higher than the gas volume agreed to for the field under the Gas Lifting Agreement (GLA). The revised Miran West 1C gross raw gas resource estimate is in line with the volume agreed to for the field in the GLA
RPS’s updated analysis of the raw gas resources on both fields has benefitted from updated reservoir simulation modelling combined with analogue analysis jointly created and developed by the company and Baker Hughes since the original reports were produced. As a consequence, the recovery factors for the gas reservoirs in both fields have, in most resource categories, been increased to reflect a better understanding of potential reservoir performance, the statement said.
Further appraisal activity, which is currently under consideration, could help refine reservoir performance and these recovery factor estimates.
Volumes agreed under the GLAs total 2,800 Bscf from Bina Bawi, and 2,000 Bscf from Miran West over a 12 year period, consisting of a two year build-up period and 10 year plateau period. The revised 2C and 3C raw gas resources for both fields significantly exceed these volumes. Following the completion of the upstream field development plans (FDPs), sufficient progress on the midstream facilities and sales gas export route, and subsequent final investment decision, the company expects that a percentage of the contingent raw gas resources will be converted to reserves, dependent on the volumes set to be produced under the FDPs.
The upstream FDPs for the gas and oil fields in the Bina Bawi and Miran PSCs, which are being carried out by Baker Hughes, are expected to be completed shortly.
RPS is continuing its evaluation of the oil bearing reservoirs at both fields.