The extension replaces prior obligations and allows for the implementation of a pilot project for CO₂ injection-based enhanced oil recovery. In effect, the EOR venture replaces prior obligations requiring the drilling of seven new production wells.
It also means that the IPSC runs until December 2021, extended from a previously envisaged end date of January 2020.
"The company is pleased to have secured an extension to the Inniss Trinity IPSC to allow for the implementing of the CO₂ Pilot Project,” Columbus Energy's executive chairman Leo Koot said in a statement.
“We believe the CO₂ Pilot Project will give all parties a valuable insight into an alternative enhanced oil recovery mechanism for Trinidad and has the potential to transform oil & gas operations in the Inniss-Trinity field and in similar fields in Trinidad.
“We look forward to working with the Ministry, Heritage and Predator to implement the CO₂ Pilot Project," he added.