In three years the plans for oil wells became a reality for a Covington company.
A Covington-based exploration company has begun production at a pair of wells in the Gulf of Mexico. LLOG Exploration Company said the wells, known collectively as Spruance Field, are producing combined daily totals of 16,000 barrels of oil and 13 million cubic feet of natural gas. Production began less than three years after LLOG and its partners in the wells drilled an initial exploratory well in 2019. The wells are located in Ewing Bank, a Gulf of Mexico formation about 60 miles from the Louisiana coast. “By remaining active throughout commodity price cycles and continuing to deliver world class results, we are seeing significant production growth in a higher pricing environment,” LLOG President and CEO Philip LeJeune said in a statement. “We are executing our strategy of developing deepwater (Gulf of Mexico) projects in areas that have been prolific in the past and that we understand very well. We are excited about our future as we are in various stages of development for multiple discoveries that will continue to help us create value in the deepwater GOM.” LLOG operates Spruance Field and owns a 22.6% interest in the production wells. Its partners include Ridgewood Energy, EnVen, Beacon Asset Holdings, Houston Energy, Red Willow and CL&F.nola.com
A fast turnaround but we will see if the oil is needed.