Heritage Petroleum Company Ltd intends to drill 15 wells in 2023.
This was revealed yesterday as Heritage’s chairman Michael Quamina, deputy chairman, Reynold Ajodhasingh and the company’s executive leadership team met with Energy Minister Stuart Young and the Permanent Secretary in the Ministry of Energy and Energy Industries, Penelope Bradshaw-Niles, at the Heritage Corporate Office, Port-of-Spain, to present the company’s 2022 results and 2023 plans and strategy.
“Heritage reported a strong performance in 2022 and demonstrated its consistent delivery in the areas of revenue generation. In 2022, the company embarked upon an aggressive drilling and workover programme, with ten wells drilled on land and one offshore, while operating 22 rigs,” a release from Heritage stated.
“In 2023, the focus continues on drilling another ten wells on land and five wells in the Soldado field offshore. This is in addition to enhanced oil recovery and integrity projects that are currently underway,” it stated.
According to the release Young reiterated the important role that Heritage plays in the revenue generation for the country as the company contributed a significant percentage of the National GDP in 2022.
He reminded Heritage of the need to “continue producing oil as efficiently and as safely as possible and to maximise financial returns for the country’s energy reserves” while continuing to be a sustainable and resilient business.
Young also emphasised the need for “nimbleness” to respond to the volatile geopolitical forces in the world that impact the oil and gas industry.
“In addition to the company’s focus on the exploration, development and production of crude oil, Heritage was also able to demonstrate to Minister Young its work with its stakeholders, private sector, and neighbouring communities.
“In 2023, Heritage will continue to support its fenceline communities through a host of social sustainability programmes that are designed to empower the society, through the provision of scholarships, IT training and agricultural entrepreneurship programmes.”
The release stated that at the close of yesterday’s meeting Young, in expressing his support to the Board and Leadership of Heritage’s 2023 plan, advised that the company should “continue to identify opportunities to grow the business.”
He also reiterated that Heritage “should seek to always narrow the gap between their plans and execution, and deliver on its promises.”