The death knell has been sounding for Genel’s Taq Taq field since early-2016, but this week’s latest reserves revision has all but finished it off. Its days as a significant contributor to Iraqi Kurdistan’s oil production are over. However, the region will likely still secure a slight annual increase thanks to 2016’s modest performance.
Taq Taq output looks set to average 15-20,000 b/d this year, down at least 40,000 b/d on 2016. But while gains from other fields in the region may offset the Taq Taq collapse, it is set to make Kurdistan’s crude exports heavier. (CONTINUED - 1015 WORDS)