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Oil and gas explorer and producer Gran Tierra Energy (TSX:GTE,NYSE:GTE,LSE:GTE) is looking to maximize its resource assets in Colombia and Ecuador through an enhanced oil recovery process, according to the company’s president and CEO Gary Guidry.
The enhanced recovery process, which involves injecting polymer into the waterflood patterns, is being implemented at its Acordionero project in Colombia as a pilot project.
“The single most important thing about enhanced recovery and that mindset of, ‘We’re not just going to produce fields on primary production and be happy with a low- to medium-recovery factor.’ It’s much easier to spend the money on the technical effort to get every last drop out of each field,” Guidry explained.
Gran Tierra has allocated $70 million in capital towards the 2022 development activities for the Acordionero field, which includes 14 to 16 development wells in the Middle Magdalena Valley Basin. The polymer pilot project will determine whether this process of enhanced oil recovery would be successful in increasing Acordionero’s ultimate oil recovery factors and remaining oil reserves.
“A philosophy of our company is to try to be as efficient as we can, not only on cost structure… but also to apply the technology in each field, because it’s the best use of the investors’ money to try to get every last drop out of each field,” Guidry said.
Gran Tierra operates four key projects in Colombia in Ecuador: its flagship Acordionero, Costayaco, Moquete and Suroriente. Guidry said when it comes to investment, both countries check off the company’s checklist as stable jurisdictions in which to conduct their exploration and production, including fiscal stability, access to infrastructure and sound business environment.
00:49 Why Colombia and Ecuador
02:15 Colombia’s fiscal stability
03:04 One thing about Ecuador
03:45 Gran Tierra’s major oil fields
05:16 Enhanced oil recovery: waterflooding
09:13 Gran Tierra’s projects in Ecuador
10:28 Gran Tierra’s financials
12:40 Why investors should consider Gran Tierra
15:16 Geopolitcal pressures on the oil and gas industry
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