KrisEnergy hikes production, boosts reserves estimates

Image by KrisEnergy (For illustration purposes)
Image by KrisEnergy (For illustration purposes)

KrisEnergy, an independent upstream oil and gas company, has reported an increase in oil and gas production and reserves estimates for the year-end 2015.

According to KrisEnergy, its working interest production of oil and gas stood at 19,935 barrels of oil equivalent per day (boepd) as at January 1, 2016 from four fields in the Gulf of Thailand and one onshore gas field in Bangladesh, more than double the average rate for full-year 2015 of 9,698 boepd. In 2014, working interest production was 7,612 boepd, KrisEnergy said on Monday.

Preliminary estimates for the Group’s total working interest 2P reserves, as reviewed by third-party independent consultants, Netherland, Sewell & Associates, Inc. (NSAI) as at December 31, 2015, are 105 million barrels of oil equivalent (mmboe), a near 48% increase compared with 71 mmboe at the end of 2014.

The company says the rise is attributable to increases in estimates for the Bangora gas field in Block 9 in Bangladesh and the G10/48 licence, as well as the conversion of best estimate contingent resources (2C) to 2P reserves for the Block A Aceh gas development onshore Sumatra in Indonesia, and in the G6/48 contract area following the approval in November 2015 of the production licence for the Rossukon oil field.

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