It has been brought into the Weg Naar Zee Block by state oil firm Staatsolie.
The Weg Naar Zee project area spans some 900 square kilometres and includes both discovered resources and remaining exploration potential.
It is host to some 24mln barrels of discovered resources. A number of discrete oil bearing sand bodies have been found over an scattered and intermittent timeline. Historic exploration took place in 1968, between 1989 and 1991, then more recently between 2007 and 2013.
Columbus is committing to appraisal and development work, via phased programmes, with control over timelines.
“Staatsolie have been seeking partners with experience in onshore field developments with secondary and tertiary recovery experience to commercialise the discovered oil resources,” said Leo Koot, Columbus executive chairman.
“Columbus's experience in Trinidad will perfectly complement the existing Staatsolie oilfield production operation experience in Suriname.”
In Phase 1, slated to span three years, the company will conduct studies which will include historic well data along with a detailed reservoir evaluation. Extended well testing is also slated, for at least two of the known oil zones.
The company highlighted that it intends to submit a development plan for the zone that it deems commercial as soon as possible. Columbus noted that the reservoirs may be suited to enhanced oil recovery techniques deployed in Trinidad.
Phase 2 and Phase 3 are optional in the agreement with Staatsolie, with minimum work obligations comprising 100 kilometres of seismic and three new exploration wells in the former and five new exploration wells in the latter.
There’s no upfront cost or payment attached to the agreement. The production sharing contract sees Columbus receive between 80% and 40% of the project’s ‘profit oil’.
“For Columbus, WNZ is a low cost, low risk entry into a block with an estimated 24mmbbl STOIIP in a proven hydrocarbon province, close to existing infrastructure.
“Provided the results from the extended well tests are as expected, the Company intends to fast track the development of the WNZ oil discoveries."