LNG Vitality Group Corp. has created a brand new oilfield companies division at its wholly owned subsidiary in Colombia, Lewis Vitality Colombia Inc. (LEC).
LEC owns and operates two drilling rigs and one workover rig which are able to executing a variety of effectively companies, together with new exploration and improvement wells, LNG Vitality Group stated in a information launch.
“LEC is a one-of-a-kind operator with the tools, personnel and experience to supply turnkey drilling and workover options,” LNG Vitality Group Chairman and CEO Pablo Navarro stated. “By the creation and deployment of the Oilfield Companies Division, LEC is not going to solely generate one other income stream, however additional strengthen its place as an integral a part of the vitality panorama in Colombia”.
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The oilfield companies division shall be led by Matthew O’Neill, head of LEC’s Completion and Effectively Intervention Companies. O’Neill has labored within the oil and fuel trade for 27 years and has been with the corporate since 2015. He has held varied roles within the trade, from a wireline area engineer as much as senior administration, and has labored throughout Europe, the Center East, West Africa, North America and Latin America. Previous to LEC, O’Neill labored for the worldwide oilfield companies firm Schlumberger, in line with the discharge.
LNG Vitality Group stated it seems to mobilize its tools and personnel within the fourth quarter.
LEC has three rigs on the bottom in its Sinú-San Jacinto Norte-1 Block close to Barranquilla, Colombia. They embody one 1,600-HP top-drive drilling rig, one 1,000-HP top-drive drilling rig and one 550-HP workover rig. These rigs come full with mills, pumps, blowout preventers (BOPs), mud programs, tanks and different tools wanted to totally execute drilling and workover operations, LNG Vitality Group stated. Collectively, the rigs and related tools have an estimated worth of roughly $10 million.
In line with LNG Vitality Group, the Colombian pure fuel market is going through a supply-demand imbalance, which was additional exacerbated in 2024 by the El Niño phenomenon resulting in decrease rainfall, subsequent lowered hydroelectric energy technology, and additional reliance on pure fuel fired energy vegetation. The nation can meet its rising home pure fuel demand by means of extra exploration and improvement of pure fuel fields, which ought to “translate into a rise in demand for environment friendly and efficient drilling companies together with skilled service suppliers,” the corporate famous.
Since LEC’s entry into Colombia in 2008, it has drilled 70 exploration and manufacturing wells and accomplished quite a few workovers utilizing inside tools. The corporate has had a wildcat success fee almost double the trade common, in line with the discharge. The efforts have been led by an knowledgeable in-house staff that collectively has drilled greater than 3,000 wells between the Eagle Ford and Austin Chalk Shales in south Texas and in Latin America.
Toronto, Ontario-based LNG Vitality Group describes itself as centered on the acquisition and improvement of oil and fuel exploration and manufacturing belongings in Latin America.
To contact the creator, electronic mail rocky.teodoro@rigzone.com
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