Tortue oil field reserves review shows 80 pct surge

BW Offshore’s subsidiary, BW Energy Gabon (BWEG), has seen an increase in oil reserves at Tortue field, located offshore Gabon as part of the Dussafu Production Sharing Contract (PSC). 

The Tortue structure is one of four existing oil discoveries in the Dussafu Exclusive Exploitation Area (EEA) in which the operator, BWEG, holds 91.667 percent while its partner Panoro holds the remaining 8.33 percent.

Panoro said on Monday that the Tortue field oil reserves review was conducted by independent reserves auditor Netherland, Sewell & Associates Inc. (NSAI).

According to the company, a final report to BWEG and Panoro is due to be made available during 1Q.

As a result of the final investment decision taken by the two companies previously booked contingent resources at Tortue can now be categorized as reserves.

John Hamilton, CEO of Panoro, said: “This updated reserves review shows a surge of 80% in the mid-case scenario versus previous estimates, and clearly demonstrate the value of Tortue and more generally the huge potential for Dussafu to become a world-class producing asset.

“We are very encouraged and excited by the preliminary NSAI review which illustrates this material increase of our asset base. We expect to start producing oil at Dussafu in the second half of 2018.”

In its estimates, derived from the assumed production from four oil wells, NSAI stated that the field held proved (1P) reserves of 15.9 MMbbls, proved + probable (2P) reserves of 23.5 MMbbls, and proved + probable + possible (3P) reserves of 31.4 MMbbls.

Panoro said that the preliminary results of the new NSAI reserves report illustrated a material increase of over 80% of mid-case at Tortue, compared to the previous independent report completed in May 2014, prior to the new seismic data being available. Also, 3P reserves at Tortue are approximately equivalent to the total contingent resources previously calculated for all four oil discoveries at Dussafu.

It is worth mentioning that the NSAI reserves review does not include the other three discovered fields in the EEA (Ruche, Moubenga, and Walt Whitman). The independent reserves review also does not include prospective resources associated with the 27 prospects and leads already identified within the EEA.