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Development Plans
Over the next three years, Bankers' Addendum to the plan of development contemplates the implementation of the following activities:
- Continuation of well reactivation/ recompletion program using CHOPS technology with progressive cavity pumps;
- Vertical drilling program targeting undrained areas;
- Horizontal drilling program in thick Lower Driza sandstones;
- Waterflood development in Upper Marinza sandstones in selected areas of the field;
- Thermal applications in shallower areas of the field targeting heavier crude oil
In March 2008, Bankers created an Addendum to the plan of development for the Patos Marinza oil field that moves beyond primary recovery techniques, identifying secondary and tertiary methods to further access the substantial oil reserves of this field. The Addendum entails increased capital expenditures for vertical and horizontal infill drilling, as well as the initiation of waterflood development and thermal programs. By applying the appropriate extraction method to each individual multiple-stacked sandstone, the technologies will be focused to maximize the recoveries from each formation through disciplined exposure of capital and an overall 'field to formation' development plan.
Over the next three years, the Addendum contemplated the following for the Patos Marinza field:
Patos Marinza Oil Field |
2008 -- 2010* |
Reactivations |
250 existing wells |
Vertical & horizontal infill wells |
110 wells |
Waterflood program |
50 wells -- reactivation and new wells |
Cyclic Steam Stimulation |
- Initial eight well pilot phase in 2008
- Evaluation period in 2009
- 30 well commercial expansion in 2010
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Capital Expenditure |
Total: $370.0 million
- 2008 -- $80.0 million
- 2009 -- $120.0 million
- 2010 -- $170.0 million
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Production Target Exit Rate |
- 2008 -- 7,000 bopd
- 2009 -- 14,000 bopd
- 2010 -- 20,000 bopd
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* During this period, Bankers will continue to review additional requirements for investment and growth and will provide new or revised plans in annual work programs and budgets. Note that these are estimates only and may change due to circumstances, knowledge and results.
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