California’s Trio Petroleum Corp. has begun full field development activities for its South Salinas Project, including commissioning a full environmental impact report and obtaining the permits necessary to achieve full field development, the company announced in a July 7 press release.
Trio’s application for full field development will allow long-term oil and gas production, added drilling of new wells, construction of production facilities, produced water disposal from the BM 1-2-RD1 well and the resumption of oil and gas production from Trio’s HV-3A and BM 2-2 wells.
RELATED: Trio Petroleum Adds Leasehold to South Salinas Project
Trio commissioned an independent, third-party consulting firm with prior experience with the South Salinas Project from generating its initial environmental impact report and obtaining Trio’s existing permits for the HV-1, HV-2, HV-3A and HV-4 wells.
As previously announced, the project’s HV-1 discovery well will have a production test on the week of July 10 and include perforation and acidization for borehole acid-cleanup of the well.
The HV-1 well’s oil production is expected to begin generating cash flow in third quarter 2023. The planned HV-2 and HV-4 wells are expected to generate cash flow in the third and fourth quarters of 2023.
“The upcoming testing of our HV-1 well holds immense value in shaping the design of this plan, which, as previously disclosed, carries a discounted potential of approximately $2 billion in net cash flow,” Trio Petroleum CEO Frank Ingriselli said in the release.
Trio Petroleum is headquartered in Bakersfield, California, with operations in Monterey County.
Recommended Reading
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
ProPetro Reports Material Weakness in Financial Reporting Controls
2024-03-14 - ProPetro identified a material weakness in internal controls over financial reporting, the oilfield services firm said in a filing.
Equitrans Midstream Announces Quarterly Dividends
2024-04-23 - Equitrans' dividends will be paid on May 15 to all applicable ETRN shareholders of record at the close of business on May 7.
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.
EQT Declares Quarterly Dividend
2024-04-18 - EQT Corp.’s dividend is payable June 1 to shareholders of record by May 8.