Genel Energy said on Jan. 19 that RPS Energy Consultants Ltd. has finalized its evaluation of the contingent gas resources at the Bina Bawi and Miran West fields (Genel 100% and operator).

The RPS evaluation confirms a significant upgrade to the combined 2C gross (100% working interest) raw gas resource estimate for the Bina Bawi and Miran West fields.

The RPS assessment of the combined gross 2C raw gas resource for both fields now stands at 14,792 billion standard cubic feet (scf), a figure which excludes associated condensate volumes attributable to the upstream partners

The RPS assessment of the combined gross 2C condensate volumes potentially recovered from raw gas production at both fields totals 137 million stock tank barrels.

As at end-2016 Genel’s reported 2C resources included net raw gas resources from Miran and Bina Bawi totaling 1,421 million barrels of oil equivalent (MMboe)1, which related to Genel’s respective 80% and 75% interests in the Bina Bawi and Miran production-sharing contract (PSC) at that time.

In February 2017, the company increased its interest in both PSCs to 100%, resulting in a combined pro-forma end-2016 Genel 2C resource of 1,815 MMboe (10,530 billion scf)2.

The 2018 RPS estimates of combined 2C resources from both fields have increased 40% compared to the pro-forma end-2016 2C resource.

The revised Bina Bawi 1C gross raw gas resource estimate is more than 50% higher than the gas volume agreed to for the field under the gas lifting agreement (GLA). The revised Miran West 1C gross raw gas resource estimate is in line with the volume agreed to for the field in the GLA.

RPS’s updated analysis of the raw gas resources on both fields has benefitted from updated reservoir simulation modelling combined with analogue analysis jointly created and developed by the company and Baker Hughes (NYSE: BHGE) since the original reports were produced.

As a consequence, the recovery factors for the gas reservoirs in both fields have, in most resource categories, been increased to reflect a better understanding of potential reservoir performance. Further appraisal activity, which is currently under consideration, could help refine reservoir performance and these recovery factor estimates.

Volumes agreed under the GLAs total 2,800 billion scf from Bina Bawi, and 2,000 billion scf from Miran West over a 12 year period, consisting of a two year build-up period and 10 year plateau period.

The revised 2C and 3C raw gas resources for both fields significantly exceed these volumes. Following the completion of the upstream field development plans (FDPs), sufficient progress on the midstream facilities and sales gas export route, and subsequent final investment decision, the company expects that a percentage of the contingent raw gas resources will be converted to reserves, dependent on the volumes set to be produced under the FDPs.

The upstream FDPs for the gas and oil fields in the Bina Bawi and Miran PSCs, which are being carried out by Baker Hughes, are expected to be completed shortly.

RPS is continuing its evaluation of the oil bearing reservoirs at both fields, the results of which will be announced once finalized.