Page 9 - LatAmOil Week 46 2019
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Two wells have been drilled there so far, and are due to be completed and brought online by the end of the year. Activity is then expected to ramp up over the course of next year, with four rigs due to be in operation on the acreage by the end of 2020.
Ecopetrol anticipates incorporating proven reserves of around 160mn barrels of oil equiv- alent (boe) by the end of 2019 thanks to its par- ticipation in the partnership.
At the same time as it announced the closing
of the joint venture agreement, Occidental also said it had completed the sale of around $200mn worth of non-core assets. The company, which quadrupled its debt with its acquisition of Ana- darko Petroleum to $40bn, said the proceeds would go towards its deleveraging efforts.
“We are highly confident that the actions we already have in progress will allow us to exceed the upper end of our original $10-15bn divesti- ture goal by the middle of 2020,” said Occiden- tal’s president and CEO, Vicki Hollub.
Drilling rigs in the Permian Basin (Photo: Midland Reporter-Telegram)
TRINIDAD & TOBAGO
BPTT makes new gas find offshore Trinidad
BP Trinidad & Tobago (BPTT), a joint venture formed by BP (UK) and Repsol (Spain), has found natural gas in a new well drilled to the east of the Cashima field.
The venture announced the gas find last week, stating it had encountered gas in the Gin- ger well. It said it had encountered hydrocarbon reservoirs in 15 segments of the well but did not divulge any details of the find, saying only that the initial results had been “promising.”
In a statement, BPTT explained that it had used a jack-up rig to drill the well into two untested fault blocks. The drilling site lies in the Columbus Basin, about 50 miles (80km) off Trinidad’s south-eastern coast, in waters up to 300 feet (91 metres) deep, it noted.
BPTT’s next step will be to finish drilling the Ginger well. The venture is due to complete this task by the end of this month and will then begin evaluating its results.
BPTT is active in Trinidad and Tobago’s offshore zone (Image: BP)
Week 46 21•November•2019 w w w . N E W S B A S E . c o m
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