Bahamas Petroleum Co. PLC expects to produce 2,500 b/d at an extraction cost of less than $20/bbl after a comprehensive 2021 work program in Trinidad and Tobago and Suriname.
The base program will consist of two appraisal wells, up to two production wells, and two exploration wells, subject to permitting. Production and potential development could be further accelerated with an additional 11 production wells and one extra exploration well.
Drilling of Saffron #2 appraisal in Saffron field, Trinidad, will start in February 2021 with up to seven production wells to follow through 2021. Also, in February 2021 an appraisal will be drilled and tested in Weg Naar block in Suriname. Wider field development with up to six production wells will follow through 2021.
By end-2021, reprocessing of the entire 3D seismic grid will be completed over the South West Peninsula (SWP) of Trinidad, high-grading Saffron lookalike prospects for drilling, with up to two initial exploration wells.
Depending on technical outcomes, speed of permitting approvals, and rig and funding availability, an accelerated 2021 work program could include up to a further eight Saffron production wells in Trinidad and Tobago, up to a further three Weg naar Zee production wells in Suriname, and one further exploration well in the SWP.
Capital expenditure for the base work program is expected up to $20 million and up to $35 million if all developments and exploration activities are accelerated.