KrisEnergy reports sharp growth in production and reserves

Production rates more than doubled.

Independent upstream oil and gas company KrisEnergy reported a sharp increase oil and gas production and preliminary reserve estimates for the year-end 2015.

The group’s working interest production of oil and gas stood at 19,935 barrels of oil equivalent per day (boepd) as at 1 January 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. 

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 31 December 2015, are 105 million barrels of oil equivalent (mmboe), a near 48% increase compared with 71 mmboe at the end of 2014. 

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 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.