Heron-1 is expected to produce oil from mid-2022
Petro Matad plans Mongolian oil in 2022
Production from the Heron field could peak at 9,000bl/d and feed both exports and the domestic market
AIM-listed independent Petro Matad expects to produce first oil from its Heron-1 well in Mongolia in mid-2022, the firm’s CEO Mike Buck says. The Heron field’s initial output is forecast to be just c.500bl/d. But production is expected to rise to around 6,000bl/d by 2024—roughly when a government refinery is expected to enter service—and to later peak at potentially 9,000bl/d. Covid-19 and the resulting strict Chinese border restrictions made it hard to operate in 2020-21, Buck says, but Petro Matad is now in advanced discussions with service providers to bring Heron-1 into production. The contractors are confident they can fit in the necessary work, despite a backlog of drilling and other
Also in this section
10 December 2024
Sector at economic and strategic crossroads, but clear path ahead for midstream additions
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
The country's fifth and sixth oil and gas bid rounds have attracted a range of new players with gas as well as oil ambitions—and there’s a seismic shift in the contracting process
28 November 2024
Iraq is charting a new path for its indigenous resources and its youth, hoping to electrify the future with a mix of reforms and modernisation to fuel growth
