Petroleum Africa
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Thursday, February 12, 2015
TransGlobe Energy saw its reserves in Egypt decrease in 2014. Over the period the company’s focus was on the continued development of its operated West Gharib and West Bakr concessions and preliminary exploration on the four operated exploration concessions (North West Gharib, South West Gharib, South East Gharib and South Ghazalat) which were ratified in late-2013.
The company’s primary negative reserve reduction occurred in the West Gharib Lower Nukhul pool in the Arta/East Arta field which offset gains in the Hana/Hana West areas of West Gharib and gains in the West Bakr fields. Its proved oil reserves in Egypt went from 28.8 million barrels gross at the end of 2013 to 22.1 million barrels gross at the end of 2014. This is a 23% drop in gross 1P reserves.
According to the company its Arta Lower Nukhul reserves were revised downward due to a reduction of effective oil in place and recovery factors. TransGlobe’s estimated original oil in place and associated pool recovery factors were reduced due to reservoir quality degradation (conglomerate pay sequence) in the northern portion of the pool and production declines. As of December 31, 2014 the Arta Lower Nukhul pool had produced 8.0 million barrels of sales oil since the start of production (mid-2010) and is estimated to have remaining reserves of 3.7 million barrels, 5.5 million barrels and 7.3 million barrels on a 1P, 2P and 3P basis respectively.
Other than the report on its reserves, the company said at West Bakr the majority of the drilling seen over 2014 was focused on converting undeveloped reserves (1P & 2P) into proved producing. The positive revisions/additions at West Bakr were attributed to new wells and improved production performance. At NW Gharib, preliminary reserves were assigned to exploration discoveries at the NWG 1, NWG 3 and NWG 5 wells which were drilled and appraised in 2014.
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