The Ministry of Energy and Energy Industries has released the Ryder Scott report on the Natural Gas Reserve Audit 2018. 

Ryder Scott has observed an improving reserves position in 2018. 

The revisions to the reserves, based on new drilling data and better production performance, led to upward revisions of 1.27 tcf that resulted in a reserves replacement ratio of 101%. 

The reserves to production ratio-based on gas utilisation in 2018 of 1.3 tcf on proved reserves is 8.3 years. It should be noted that most companies base their projects on proved plus probable reserves and as such 2p reserves to production ratio using a similar expected production is 13.5 years. 

According to the Ministry of Energy, there were several key developments of note. 

BPTT 
The first being the BPTT TROC project which became operational in Q2 2017 continues to result in reserve adjustment for the fields located in the Mahogany and Amherstia hubs. 

Additionally, for BPTT, the Kapok field reserves increased, which was due to better performance and the movement of the TP93 Sparrow FB 1/2 reservoir from the Parang field to the Kapok field. 

In the Mahogany field, reserves were added due to remapping and better well performance. In the Immortelle field, the reserves increased also due to better well performance and compression adds. 

BHP 

Poor performance in the Mango wells had a downward effect on reserves in BHP’s fields. BHP’s success with the Bongos and Victoria exploration wells however, added proved reserves but most of these discoveries’ volumes were assigned to probable and possible reserves. 

The addition of BHP’s finds to prove reserves are encouraging signs from their deepwater campaign. 

Ryder Scott remapped BHP’s Delaware and Ruby fields for the year-end 2018 evaluation and added proved reserves in both fields. BHP had an exceptional reserve replacement ratio in 2018 as a result of these additions. 

Shell 

For Shell operated assets, five new wells were put on production in the Dolphin field, and these wells added proved reserves based on well performance and revision of the Original Gas-in-Place (OGIP). 

Perenco 

Perenco put forward a plan to develop the non-associated gas volumes in the Teak-D platform area of the Teak-Samaan-Poui fields. Upon evaluation, Ryder Scott estimated the remaining proved reserves in the Teak-D platform area and these reserves increased Perenco’s reserve booking for year-end 2018. 

DeNovo Energy In November 2018, DeNovo started the production of its Iguana field. Based on mapping updates and well performance revisions, there was some reduction in Iguana’s proved reserves. 

EOG Resources 

For the EOG operated assets, there was an increase in the Sercan field based on better than expected well performance in the Sercan-1, Sercan-2, and Sercan-3 wells.