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
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