Oryx Petroleum Corp. Ltd. will defer all planned drilling activity in Banan field, Kurdistan region of Iraq, after the field was shut in on Apr. 2 due to higher oil quality discounts and higher per barrel operating costs than other fields. Production is expected to resume in this year’s third quarter.
During the shut in, Oryx will replace some leased artificial lift systems. Other ongoing activities include minor infrastructure works in the Hawler license area, environmental and social impact study in the AGC Central license area, and license maintenance.
Average gross oil in first-quarter 2020 was 14,200 b/d (9,300 b/d working interest). Average gross oil for April was 4,300 b/d, which declined to 3,800 b/d for May.
Capital expenditures for 2020 are forecasted at $11 million, down from $53 million in the previous forecast.
Banan is in the Hawler license area where Oryx has 65% working interest and is operator.
