Tulip Oil today announced the latest quarterly update on its oil and gas exploration and production businesses in the Netherlands and Germany. 

COVID-19

The Tulip Oil Group and its business partners continue to apply measures in response to the COVID-19 outbreak. Staff continues to work intermittently in the office and from home consistent with prevailing guidelines.

Q10-A development by Tulip Oil Netherlands Offshore*

Production was shut in entirely until October 13 to allow for scheduled maintenance of the neighboring P15 platform.  Since November, production has benefitted from the successful deployment of the available compression facilities on P15. The Q10-A field produced 142 million standard cubic meters of gas during Q4, compared to 59 million standard cubic meters in Q3. The average realized gas price during Q4 was 14.9 €/MWh and the average realized gas price during Q3 was 6.1 €/MWh.  

The Company has taken FID on one completion of an unfinished well and one side-track with the objective of adding further production from the Q10-A field from H2 2021 onwards. The Company is evaluating an additional temporary appraisal side-track to test the productivity of the proven Vlieland oil formation in the Q7/Q10a license. Meanwhile, the Company continues to mature the field life extension project for additional reserves and long term opex reductions.

New drilling by Tulip Oil Netherlands Offshore*

The Company has started to evaluate rig availability for the drilling of two discovered gas fields in the vicinity of the producing Q10-A field. These targeted reservoirs have been drilled historically and flowed gas to surface, similar to Q10-A before its 2015 appraisal well. Each field has a field development plan that was previously completed. Both of these plans follow the same approach as the successful low capex appraisal and development of Q10-A with subsequent low cost production and one of the lowest carbon footprints in the industry.  

Onshore German oil development ‘Steig’ in Rhein Petroleum**  

Permitting, reservoir evaluations and front-end engineering are being continued. The Company has started with further detailing phase 1 of the phased development plan for the Steig field. 

* Tulip Oil Netherlands Offshore B.V. (‘TONO’) is a 100% subsidiary of Tulip Oil Netherlands B.V. (‘TON’), which is a 100% subsidiary of Tulip Oil. TON holds a 60% interest in the exploration licenses M10/M11, while TONO holds a 60% interest in the production licenses Q07/Q10a and the exploration licenses Q10b, Q08 and Q11. Both TON and TONO are the operator in all licenses. Energie Beheer Nederland B.V. (EBN) holds a 40% interest. 

The Q10-A gas field was discovered in 2015 and lies 20km offshore the Netherlands in a shallow 21m water environment. The Q10-A development comprises an unmanned platform with six well-slots. Gas is produced through a 42km pipeline to the P15d platform from which it is transported to shore.

** Tulip Oil owns a 90% interest in Rhein Petroleum GmBH which in turn owns and operates a 100% interest in the Graben-Neudorf licence of the Steig-1 well and several other production and exploration licenses.

KeyFacts Energy: RWE Renewables Netherlands country profile   l   Rhein Petroleum Germany country profile