Trinidad and Tobago
BPC has five (5) producing fields in Trinidad (Goudron, Inniss-Trinity, South Erin, Bonasse, and Icacos), an appraisal/development project (Cory Maruga) and an exploration portfolio in the South West Peninsula (SWP). In January 2020, drilling and testing of the Saffron well in the SWP was completed. Oil was discovered in the Lower and Middle Cruse portions with 2,363 ft of gross sands with six reservoir intervals of interest with a 47% net/gross ratio. The Company has a number of drill-ready prospects in the licenses held in the SWP and will assess further exploration drilling as and when commercially justified.
In Trinidad and Tobago, BPC has a portfolio of assets across the life cycle of the E&P, focussed on the following value-driven activities:
- Profitable Production
- Across BPC’s existing assets the production averages 400-450 bopd. The Company has
increased the production baseline target to 500 bopd. Management is currently working on a prioritised list of activities, including increasing workover frequency and proactive interventions, to reduce well downtime and drive the baseline
production to above this target by the end of the year.
- In addition, management is undertaking a series of projects that improve overall oil recovery. These projects help to improve either the reservoir pressure (such as CO2 and water injection) to allow for higher sustained production rates or reservoir access (via new wells, recompilations and incremental perforations). By increasing the production in existing fields we maximise the use of infrastructure and resources helping to drive down operating costs and improve profitability.
- Accelerated Appraisal and Development
- In early 2020 Saffron #1 successfully discovered producible oil at both the Middle and Lower Cruse reservoir levels. Prior to drilling, the estimated recoverable volumes from this new accumulation was 11 mmbbl, representing a material upside for appraisal and development.
- The upcoming drilling of Saffron #2 will focus on the Lower Cruse sands and will lead directly to production and sales upon completion.
- The successful appraisal and future development is estimated to have the potential to produce up to 4,000 bopd.
- High Impact Exploration
- BPC has secured a significant and dominant acreage position in the South West Peninsula (SWP) of Trinidad.
- The recent discovery at Saffron has further de-risked the potential of the area which is estimated to have in excess of 230 mmbbl of unrisked prospective resources.
- With 3D seismic available across the area of focus, BPC is using its international geological and geophysical experience to reprocess the seismic and mature numerous prospects in the inventory to drill-ready status. Further exploration success in the SWP will provide additional and replicable development options to grow the company’s overall production potential.