China’s United Energy Group (UEG) saw output from its Faihaa field on Block 9 in Iraq leap by 67% year-on-year to hit a record 40,615 b/d for 1H 2021. The Hong Kong-listed firm, which operates Block 9 with a 60% stake, says in its 1H report that the field remains on track “to reach 100,000 b/d in the near future.” Dubai state firm Dragon Oil has 30% and Egyptian counterpart EGPC 10%.
“The significant increase in production is mainly due to the efficient implementation of [the] Block 9 Field Development Plan,” UEG says. The end-2020 target of 40,000 b/d was hit, whilst the firm’s 2021 target of 50,000 b/d looks ambitious but feasible. UEG targets a further ramp up to 250,000 b/d Faihaa output by 2026 (MEES, 10 July 2020). MEES understands that Basrah Oil Company (BOC), the state firm overseeing development, is more ambitious still, targeting 250,000 b/d by 2025. However, BOC acknowledges that the leap from the 100,000 b/d 2023-24 output target will require 43,000 b/d of water injection from 2025. (CONTINUED - 904 WORDS)
