Petroleum Africa
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Wednesday, January 29, 2014
TransGlobe Energy, known for posting year-over-year increases in the past, saw its 1P reserves fall over 2013 in Egypt. The company’s 1P reserves fell 3% from 2012, representing a production replacement of 85%. On a 2P basis, the year-over-year decrease was 7%, equal to a production replacement of 53%, while on a 3P basis, the year-over-year decrease was 12%, equal to a production replacement of minus 4%.
According to its latest release on West Gharib, year-end 2012 undeveloped reserve bookings were brought on production throughout 2013 which generally extended producing pools to the boundaries of the West Gharib lands. As a result, there were minimal new reserve additions to replace the 4.6 million barrels produced from West Gharib during 2013. At West Bakr, significant reserve additions were achieved in the K and H fields due to detailed reservoir simulation, development drilling and production optimization. Overall, 2P reserves at West Bakr increased 22% on a year over year basis which represented a 268% replacement of the 1.8 million barrels produced from West Bakr during 2013. Where the company saw a decrease was at its East Ghazalat concession where reserves were down year-over-year due to the 2013 appraisal drilling results and the corresponding decrease in the number of undeveloped drilling locations.
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