In Tulip Oil’s quarterly update, the company announced a 25 per cent increase in production from its main asset, the Q10-A gas field.
The Dutch offshore field Q10-A started producing early in 2019, and Tulip Oil, which holds a 60 per cent interest, envisions further upside.
The Hague-based private E&P company holds oil and gas assets in The Netherlands and in Germany. Recently, they published their quarterly update.
The Q10-A field produced 258 million standard cubic meters of gas during Q4, compared to 203 in Q3, representing an increase of approximately 25 per cent.
The company says that the data from all drilled wells is being used to calibrate the reservoir models. Further, the company is planning 2 new producing wells, with 4 producing as of the time of the report.
Tulip Oil has drafted conceptual field development plans for additional drilling targets near Q10-A. The company says the targets predominantly consists of reservoirs that have been drilled historically and flowed gas to the surface.
In Germany, Tulip holds a 90 per cent interest in Rhein petroleum, an onshore oil producer. In 2019, Rhein discovered oil at the Steig-1 well, and the estimated resource is 114 million barrels of oil in place.
Tulip says that a phased development concept has been selected for Steig, with combined initial production and further appraisal using horizontal wells.
The Steig discovery consists of columns of oil totaling 150 meters in sandstones in Weingarten in the Baden district. Oil deposits were first discovered in the 1950s with first production in the following decade.