Oil output from Iraqi Kurdistan’s Atrush field tops 1 mln barrels in July, Taqa says

Oil output from Iraqi Kurdistans Atrush field tops mln barrels in July Taqa says — Oil output from Iraqi Kurdistan’s Atrush field tops 1 mln barrels in July, Taqa says

2019-08-21 00:00:00 - Source: Iraq News

Atrush oilfield in Iraqi Kurdistan, 2019. Photo: Taqa

DUBAI,— The Abu Dhabi National Energy Company PJSC, Taqa said on Wednesday its Iraq-based unit had set a “production record” from the Atrush oilfield in Kurdistan region.

“Taqa has set a new production record from the Atrush oil field in the Kurdistan Region of Iraq. For the first time since the field commenced production operations in July 2017, the total monthly production volume exceeded 1 million barrels of oil in July 2019.” the company said in a statement.

“The current rate of gross production at the Atrush block is approximately 34,000 barrels of oil per day, which is line with the company’s targets for Q2 2019. The increase in production was largely due to new wells coming on stream and the impact of de-bottlenecking work over the past few months, which has increased the capacity of volumes handled by the production facility. The facility has continued to meet targets at minimal spend and is a result of a focus on integrated planning and optimization,” the statement said.

Speaking on the milestone, TAQA Chief Executive Officer Saeed Al Dhaheri said, “This significant achievement is a direct result of our Iraq team’s technical expertise and strategic planning efforts. As a global energy player with operations spanning four continents, our operations in Iraq have allowed us to strengthen our expertise as a leading developer of greenfield projects. We look forward to building on this achievement to continue to deliver energy to our strategic partners in the Kurdistan region, and to continue to forge strong relationships with local communities around the Atrush block.”

AbdulKhaliq Al Ameri, Managing Director of TAQA Iraq, added: “Our focus for the past two years has been to improve the value of our asset while ensuring cost-optimization and uphold our commitment to health and safety. I am particularly proud of our team, which comprises more than 300 people, many of whom are from the Kurdistan region. This achievement is a result of their hard work and dedication to TAQA’s vision.”

Taqa has started oil production at its Atrush Block in the Kurdistan region of Iraq in 2017.

Oil started flowing through the Atrush Central Processing Facility on 3rd July, 2017 which has the capacity to handle up to 30,000 barrels of oil per day. The TAQA-operated Atrush Block is being developed with the Kurdistan Regional Government, ShaMaran and Marathon Oil.

The Atrush field is located 85 km northwest of Erbil and is one of the largest new oil developments in the Kurdistan region of Iraq. It was discovered in 2011, development started in 2013 and production started in 2017. In its two years of production, the Atrush field has produced of 17 million barrels of oil, with increasing efficiency.

In 2013 Taqa has received approval from the Kurdistan Regional Government (KRG) to develop the Atrush Block in Iraqi Kurdistan.

In 2012, Taqa has bought a 53.2 percent operating interest in an oil block in Iraqi Kurdistan from General Exploration Partners (GEP), which owns a 66.5 percent interest, and a subsidiary of Canadian group ShaMaran Petroleum.

In May 2019, TAQA Iraq completed the acquisition of an additional 7.5% working interest in the Atrush block from Marathon Oil KDV B.V. With this acquisition, TAQA Iraq’s working interest in the Atrush block increased from 39.9% to 47.4% and represents an AED 116 million addition to the company’s assets.

An autonomous region since 1991, Iraqi Kurdistan is often touted as one of the final frontiers for onshore oil exploration and has signed deals with foreign majors.

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