He said production at the $US700 million ($A930 million) development in offshore Mauritania has partially recovered after reservoir problems were encountered in June.

The field originally started pumping more than 70,000 barrels of oil per day (bopd) when it first came onstream in late February. Output then declined steadily before stabilising around 32,000-38,000bopd.

Operator Woodside and its partners, which include Hardman Resources and Roc Oil, are currently undertaking a review of the Chinguetti reserves.

Last month, Hardman indicated that that the existing production wells were “not likely to recover significantly more than 50% of the originally 2P (proven and probable) reserves estimate of 123 million barrels”.

Not long after, Roc Oil chief executive John Doran said reserves could be potentially reduced by 25-50%.

Voelte also told the North American investors that Woodside was considering tying back the Tiof field, which is yet to be developed, to Chinguetti as a Phase 1 development option.

He said Tiof could add about 50,000bopd of possible capacity.

Voelte said production options will be reviewed, but first oil from Tiof could start two years after a final investment decision.