Dutch exploration and manufacturing operator Tulip Oil halved its fuel manufacturing from the Q10-A subject within the Dutch North Sea through the third quarter of the yr when in comparison with the earlier quarter attributable to a short lived shut-in and decrease costs.
The Tulip Oil-operated Q10-A subject began producing fuel in February 2019.
Due to the low fuel costs, Tulip Oil in July 2020 mentioned it had partially decreased the manufacturing from the Q10-A subject to “depart fuel within the floor”.
As a end result, 119 million customary cubic meters of fuel had been produced through the second quarter of the yr in comparison with 198 million customary cubic meters of fuel within the first quarter of 2020.
In an replace on Wednesday, Tulip Oil mentioned that, since 1 September, the manufacturing was shut in completely to permit for deliberate upkeep of the neighbouring P15 platform.
As such, 59 million customary cubic meters of fuel had been produced in 3Q, in contrast with 119 million customary cubic meters in 2Q.
The common realized fuel value was 6.1 €/MWh throughout 3Q in contrast with 5.6 €/MWh within the earlier quarter.
At the decreased manufacturing ranges, the Q10-A subject continues to generate robust EBITDA margins, the corporate mentioned.
Steps have been taken to extend manufacturing capability in 4Q by activating present third-party compression services.
Preparations proceed so as to add two manufacturing wells within the Q10A subject by way of one completion of an unfinished properly and one side-track.
Furthermore, Tulip Oil is contemplating alternate options for subject life extension with long run opex reductions and reserves additions.
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