The project is aimed at converting a suspended production well (WC01) to a water injector to increase field recovery by 340Mbbls
UK independent oil & gas firm IGas has that is readying to execute a further waterflood project at its existing producing field at Welton in the East Midlands, UK.
IGas’ technical team has identified an additional opportunity in the south of the Welton Field in the Tupton & Deep Hard Rock Reservoirs, after the success of previous Welton waterflood projects.
IGas chief executive Stephen Bowler said: “We continue to mature projects across the portfolio as we seek to maximise returns on our existing operations and infrastructure, and in this case are pleased to be moving forward with another low-risk opportunity with an estimated mid-case IRR of over 100%.
“This is part of the wider Welton Full Field Development and as well as increasing production, will aid in de-risking further injection projects into other areas of the field and provide critical infrastructure to assist with water disposal andsupport future rationalisation work across Welton sites.”
Waterflood project aimed at increasing field recovery
The company said that the project is aimed at converting a suspended production well (WC01) to a water injector to increase field recovery by 340Mbbls (2C resource) with a peak incremental production rate of up to 120bopd.
In June 2019, IGas announced the receipt of the final planning approvals and execution phase for a waterflood project, at its Scampton producing field in the East Midlands.
The company intends to continue its projects in the core conventional business, which includes additional gas monetisation and water injection.
The project involved the conversion of an existing well to a water injector to increase oil sweep and field estimated recovery through secondary recovery in the western portion of the Scampton North field.
Bowler added: “We have a number of attractive projects across the portfolio which continue to mature as we seek to maximise returns on our existing operations and infrastructure, and in this case are pleased to be moving forward with a low-risk opportunity with an estimated IRR of over 40%.
“Alongside these production uplift opportunities, we also continue to work up additional appraisal and exploration opportunities to access new fields in our conventional portfolio. Projects, particularly on existing sites, offer good returns at these oil prices with reduced risk and minimal incremental operating costs and we look forward to announcing future projects in due course.”