Halfaya Oil Production Up Five-Fold

Halfaya is not currently the most exciting oil field, but it is growing fast. In less than two years, the large consortium of Chinese, Malaysian and French companies developing it has increased production from 3,000 barrels per day to around 15,000 bpd, with 2,000 bpd of those having just been added with a new well, according to Missan Oil Company, which is overseeing the project.

CNPC, Total and Petronas are drilling 300 wells over five years to free up more than 500,000 bpd in an oilfield with as much as 15 billion barrels of reserves. The oilfield in the south-east of Iraq was initially believed to hold recoverable reserves closer to four billion.

Back in summer, state-run Missan Oil Co. had expected Halfaya to be producing 90,000 bpd by the first quarter of 2012. Now it expects a more modest 70,000 bpd by the end of 2012. Still, it is a good growth rate from modest beginnings.

 

(Sources: Bloomberg)

 

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