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South West Peninsula
Weg Naar Zee
Columbus owns a mix of production, development and high-impact exploration assets located onshore Trinidad.
The producing fields will be targeted for low-cost production growth which in turn will generate the cash resources for the exploration drilling programmes.
The Company’s production assets have expanded in 2018 with the integration of the former Steeldrum fields. The assets include the Goudron, Icacos, Bonasse, South Erin and Inniss-Trinity oil-fields from which the Company intends to increase oil production and create stable, revenue generating foundations for growth. The Company also intends to bring the Snowcap Field in the Cory Moruga License onstream in Q4 2018 to gain additional oil production.
In addition to the production assets, the Company’s South West Peninsula licences represents the next stage of growth for Columbus and offer significant exploration, development and production optionality. The South West Peninsula is in close proximity to, and geologically a part of, the prolific East Venezuelan Basin – the largest hydrocarbon basin in the world – offering offshore scale potential from an onshore location. The Company has established a dominant position in the South West Peninsula in 2018 and plans to unlock the huge value that the Company believes exists in this basin in 2019 and onwards.
Using appropriate technology and making investments in exploration, in-fill wells, work-overs, new facilities and the ongoing enhanced oil recovery (“EOR”) campaign, Columbus expects to substantially increase the production from its acreage in Trinidad in the next few years through realising the untapped potential associated with each of Columbus’s fields.
From the South West Peninsula and backed by solid production from its onshore portfolio of production assets, Columbus is operationally cashflow positive and plans for exceptional growth through production and reserves realisation in the South West Peninsula.
Columbus seeks to maintain high quality relationships with all stakeholders and to be considered as a partner of choice in the ongoing development of onshore resources in Trinidad. The Trinidad and Tobago Minister of Finance recently stated that there were 3 billion barrels of oil to be recovered onshore in Trinidad and Columbus seeks to play a leading role in realising the goal of increasing production.
On 27th January 2017 the Spanish Cabinet of Ministers informed the Company that its Licence extension application for the renewal of the La Lora Concession had been rejected. Contrary to advice obtained by the Company in Spain which suggested that there was a strong case for a renewal, the ultimate decision was taken on a purely legal, rather than commercial or technical basis and this was complicated by relevant petroleum laws changing several times between the granting of the initial licence and its expiry. As a consequence, the Concession terminated at midnight on 31 January 2017.
The Company is currently maintaining the Ayoluengo field on a care and maintenance basis but recently received notification from the Spanish Government that it should commence the decommissioning of the Ayoluengo field in the near future, although the timing of the commencement of this is not yet clear and is being examined by the Company’s legal advisers. No reasons have been given by the Spanish Government for the decision not to re-tender the La Lora Concession and the Company is considering its options in this regard.