GeoPark starts production at new Chilean well
Latin America-focused oil and gas group GeoPark Holdings announced on Friday that it has put into production a new oil well in the Konawentru oil field in Chile, following successful drilling and testing.
Latin America-focused oil and gas group GeoPark Holdings announced on Friday that it has put into production a new oil well in the Konawentru oil field in Chile, following successful drilling and testing.
The well, situated on the Fell Block in Chile, is 100% owned and operated by GeoPark.
GeoPark drilled and completed the Konawentru 4 well to a total depth of 3,102 metres. The firm said that a production test in the Tobifera formation flowed at a rate of approximately 730 barrels of oil per day (bopd) through a choke of 10 millimetres, with a well head pressure of 462 pounds per square inch.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The initial production rate is around 700bopd but the company said that further production history will be need to work out stabilised flow rates.
"The results from this new Konawentru well in Chile are significant from production, operational, field and regional perspectives. The new well will immediately add to our growing production base," said Chief Executive Officer James F Park.
"The successful well confirms the opportunity for further development and production drilling of the Konawentru field.In addition, the result expands the overall prospectivity of the Tobifera geological formation on a regional perspective. It represents a new dimension in GeoPark's continuing success in exploring and developing for oil and gas in the Magallanes Basin in Southern Chile."
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Will a Santa Rally bring festive cheer to investor portfolios this year?
Investors will be hoping for a seasonal stock market boost in December
By Marc Shoffman Published
-
ChatGPT turns two: how has it impacted markets?
Two years on from ChatGPT’s explosive launch into the public sphere, we assess the impact that it has had on stock markets and the world of technology
By Dan McEvoy Published