Canadian firm Oryx Petroleum has downgraded its reserves estimate for its Hawler block in Iraqi Kurdistan following an independent audit. The license’s gross reserves were dropped by 18%, leaving its proven plus probable reserves estimate at 103mn barrels versus 127mn previously.

CEO Vance Querio says “the reduction is primarily the result of remapping the western fault block of the Banan field to incorporate data obtained during drilling in 2019. Smaller reductions resulted from depletion of previously booked reserves and minor adjustments to development plans for the Demir Dagh Cretaceous reservoirs.” (CONTINUED - 157 WORDS)