London-listed independent Genel Energy plans to increase oil production from the Tawke field in Kurdistan this year from 60,000 barrels a day to 100,000 bpd, reports Reuters.
The company, headed by BP’s former CEO Tony Hayward, has a 20% stake in the field with DNO International, which operates the field and holds a 55% stake. The rest is held by the Kurdish Regional Government.
Reuters reports that Genel’s confidence in being able to pump more oil from the Tawke field was boosted by an independent report which found proved and probable reserves were 78 % higher than previously thought, at 509 million barrels.
The Tawke field was discovered in June 2006 by DNO in an area which was part of the original Dohuk PSC entered into by DNO in 2004.
DNO’s Head of Exploration, Tore Lilloe-Olsen, told investors at a Macquari bank conference yesterday that the field could pump 100,000 bopd after improvements planned for this year.
He added that the field had a “realistic mid term capacity” of 200,000 bopd, according to a copy of the presentation posted on DNO’s website.
