LLOG Exploration Company, L.L.C. (“LLOG”) announced today that it has initiated production from the Buckskin Project in the deepwater Gulf of Mexico. Buckskin is located on Keathley Canyon blocks 785, 828, 829, 830, 871 and 872 in approximately 6,800 feet of water.
The initial phase of this large-scale, deepwater project consists of two wells in Keathley Canyon 829 and a six-mile subsea tieback to the Lucius platform at Keathley Canyon 875. Drilling and completion of the initial two wells, which were drilled to approximately 29,000 feet, occurred in 2018. Installation of subsea facilities to complete the tieback occurred in 2019. The drilling, completion, and subsea installation were completed ahead of schedule and on budget. Once fully established, the phase one production rate is anticipated to reach 30,000 gross barrels of oil per day. Additional phases of development will be required to fully develop the field, which is estimated to contain nearly five billion barrels of oil in place.
LLOG Exploration is the operator of the field and LLOG affiliate companies own a 33.8% working interest in the Buckskin development. Additional partners in the field are Repsol E&P USA Inc. (22.5%), Beacon Offshore Energy Buckskin LLC (18.7%), Navitas Buckskin US, LLC (7.5%) Ridgewood Energy1 (17.50%.). Philip LeJeune, LLOG’s President and Chief Executive Officer commented, “The initiation of production at Buckskin marks a significant milestone for LLOG considering the scope of the field and its position as our first deepwater development in the Lower Tertiary trend.
The successful execution of this project perfectly illustrates one of LLOG’s key strengths which is the ability to create significant value by reducing cycle times and introducing development efficiencies to world class assets.
LLOG is looking forward to developing future phases of the project and embarking on additional opportunities in the Lower Tertiary. Later this month LLOG will spud a delineation well at the Leon discovery with the goal of bringing it to development in the near future. This is an exciting time for LLOG and I am appreciative and proud of the efforts of our employees, partners, and contractors
