Addax CEO: Taq Taq oilfield has “upside potential”
ERBIL, June 4, 2014 – The Taq Taq oilfield will be able to produce 150,000 barrels of oil per day (bopd) within the year and 200,000 bopd in the near-term. This is according to the CEO of Addax Petroleum, Yi Zhang, who recently spoke with TOGY. Addax is the co-venturer of Genel Energy in the Taq Taq Operating Company (TTOPCO) that is developing the field in the Kurdistan Region of Iraq.
“We are still appraising the field and there is obvious upside potential. For this upside, we could achieve rates of around 200,000 bopd if we add further processing units. Export of this volume should also be possible,” Zhang said.
The completion of the Taq Taq to Khurmala pipeline in 2013, which ties into the Kurdistan Regional Governments’ crude oil export pipeline to Turkey, has allowed TTOPCO to quickly ramp-up production at the field. Capacity currently stands at 120,000 bopd.
Taq Taq is one of two producing fields (the other is the DNO operated Tawke oilfield) that has contributed significant production to the KRG’s debut of independent pipeline exports this year. The first sale of the exported crude oil occurred on May 22.