Tulip Oil Holding BV is advancing drilling projects in the Netherlands and Germany.
Tulip Oil Netherlands Offshore BV (TONO) is appraising reservoir drilling projects near Q10-A gas field, 20 km offshore in 21 m of water. Reservoir models have been calibrated and preparations continue for two additional wells. Production capacity will be increased by activating existing third-party compression facilities.
The company has partially reduced field production due to low prices. In second-quarter 2020, 119 million standard cu m have been produced, compared with 198 million standard cu m in the first quarter.
Onshore Germany, Rhein Petroleum is continuing front-end engineering and permitting for phased development of Steig field. Seismic data has been reprocessed to build a new static model. The field has an estimated 106 MMbbl of oil in place.
TONO is a 100% subsidiary of Tulip Oil and is operator with 60% interest in production licenses Q07/Q10a and exploration licenses Q10b, Q08, and Q11. Energie Beheer Nederland BV (EBN) holds the remaining 40%.
Rhein Petroleum GmBH is 90% owned by Tulip Oil and is operator with 100% interest in the Graben-Neudorf license of the Steig-1 well.