𝗣𝗲𝗿𝗲𝗻𝗰𝗼 𝗜𝗻𝗶𝘁𝗶𝗮𝘁𝗲𝘀 𝗖𝗵𝗲𝗿𝗻𝗲 𝗮𝗻𝗱 𝗕𝗮𝗴𝗿𝗲 𝗥𝗲𝗮𝗰𝘁𝗶𝘃𝗮𝘁𝗶𝗼𝗻 𝗣𝗹𝗮𝗻

𝗣𝗲𝗿𝗲𝗻𝗰𝗼 has launched a US$250 million reactivation plan for the 𝗖𝗵𝗲𝗿𝗻𝗲 𝗮𝗻𝗱 𝗕𝗮𝗴𝗿𝗲 𝗳𝗶𝗲𝗹𝗱𝘀, set to unfold over three stages across two years. The first phase is the revitalization of Cherne’s fixed platforms, crucial so the assets can resume production. The second stage involves constructing a new pipeline connecting Cherne to the 𝗙𝗦𝗢 𝗣𝗮𝗿𝗴𝗼, passing through Pargo’s fixed platform. The third phase will bring 36 wells back online through an extensive workover campaign. Upon completion, 𝗣𝗲𝗿𝗲𝗻𝗰𝗼 projects an output of 15,000 barrels of oil per day.

This announcement follows 𝗣𝗲𝗿𝗲𝗻𝗰𝗼 ‘s recent acquisition of the Cherne and Bagre assets from 𝗣𝗲𝘁𝗿𝗼𝗯𝗿𝗮𝘀, finalized just a month ago. Before being mothballed in 2020, the fields produced a combined 9,000 bopd.