LGO Energy has been granted permission to increase production at its Goudron Field in Trinidad.
Chief executive Neil Ritson said: “We are really pleased to be moving towards again adding new untapped oil production at the Goudron Field with these low cost, high impact recompletions and we would expect to see production starting to increase after a lengthy hiatus following the issues experienced with the loss of GY-678 in October last year. The recent reduction in overriding royalties by Petrotrin for the Goudron Field and the stabilizing oil price are both providing encouragement to increase investment and production.”
LGO’s technical work has identified six existing wells that “further low-cost opportunities to increase production by accessing previously uncompleted productive intervals in existing wells”.
LGO will now seek approval from the Petroleum Company of Trinidad and Tobago Limited to complete the wells.