Leni Gas and Oil prepares new wells in Trinidad

Leni Gas and Oil said on Wednesday it expects a 50 per cent increase in the number of wells in operation at its Goudron oilfield in Trinidad.

Leni Gas and Oil said on Wednesday it expects a 50 per cent increase in the number of wells in operation at its Goudron oilfield in Trinidad.

The oil and gas company said 10 new pump jacks have arrived and are being installed to begin work on additional wells.

Subscribe to MoneyWeek

Become a smarter, better informed investor with MoneyWeek.

It is anticipated that 10 new wells will be put into production over coming weeks, bringing the total up to 30 wells.

In January the company announced a "significant milestone" of producing 200 barrels of oil per day in Trinidad.

Advertisement
Advertisement - Article continues below

Leni said the new wells are anticipated to result in another significant step up in oil production from the field.

A further 10 pumps are also due to arrive in April along with another 10 in June.

The Goudron field has about 90 wells suitable for production and the programme of well reactivation will continue through 2013.

Over the next month the company expects to carry out the first of a number of planned well re-completions.

The first well is targeting over 65 metres of additional reservoir in a perforation programme using modern methods. It will be the first programme for 30 years intended to access new reservoir in the field since well GY-658 was drilled in 1981.

The work is projected to raise overall oil production and provide information to assist in designing the next phase of the work programme, which will lead to the drilling of new wells in the second half of 2013.

Advertisement
Advertisement - Article continues below
Advertisement

Recommended

Visit/investments/investment-strategy/600861/how-demographics-affects-stock-valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Visit/investments/stocks-and-shares/600863/sirius-minerals-anglo-american-takeover
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Visit/investments/stockmarkets/600634/why-investors-should-be-cautiously-bullish-for-2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020
Visit/investments/stocks-and-shares/share-tips/600636/class-acts-going-cheap-buy-into-europes-best
Share tips

Class acts going cheap: buy into Europe’s best bargains

Value investing appears to be making a comeback, while shares on this side of the Atlantic are more appealing on metrics such as price/earnings ratios…
16 Jan 2020

Most Popular

Visit/investments/stockmarkets/601030/markets-are-starting-to-realise-just-how-bad-the-coronavirus-crisis
Stockmarkets

Markets are starting to realise just how bad the coronavirus crisis will be

As governments around the world throw everything including the kitchen sink in the fight against coronavirus, markets are reaching the “moment of maxi…
23 Mar 2020
Visit/investments/stockmarkets/601028/stockmarket-crash-more-to-come
Stockmarkets

Stockmarket crash: more to come

The stockmarket crash was hard and sudden – and it might not be over yet. But while the short term outlook is awful, says Merryn Somerset Webb, that d…
23 Mar 2020
Visit/economy/601027/money-minute-monday-23-march-will-whatever-it-takes-be-enough
Economy

Money Minute Monday 23 March: will “whatever it takes” be enough?

As we start to see the damage that the shutdown is doing, Money Minute looks at central bank measures to counter it.
23 Mar 2020
Visit/investments/commodities/600729/the-rare-earth-metal-that-wont-be-a-secret-for-long
Sponsored

The rare earth metal that won't be a secret for long

SPONSORED CONTENT – You can’t keep a good thing hidden forever; now is the time to consider Pensana Rare Earths and the rare earth metals NdPr.
31 Jan 2020