Black Rock Petroleum has approved a permitting and drill programme at its Torrance California Oilfield in the Monterey Shale, California, US.
The programme involves drilling up to ten new oil wells at Black Rock Petroleum’s recently acquired Torrance 520 Acre California Oilfield.
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Located in Los Angeles County, the Torrance California Oilfield is situated in the Monterey Shale play and has an estimated minimum undeveloped reserves (PUD) recovery of 5-17 million barrels (MMbbl).
To date, Torrance California has produced 4.9MMbbl of oil and is estimated to hold 68-109MMbbl.
It is expected to have net extractable oil production of 34MMbbl using the steam flood technology.
Black Rock Petroleum Company’s wholly owned subsidiary Torrance Petroleum, which operates the California Oilfield, is due to start drilling at the wells to bring the field into production.
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By GlobalDataTorrance Petroleum managing director Philip Andres said: “We believe we have a competitive advantage as the new Biden administration has placed a 60-day moratorium on Federal lands oil leases and permitting process and that this administration’s policies will lead to future restrictions on Federal lands being made available for oilfield leases, making our existing 520-acre development in California even more valuable an asset.”
According to Black Rock Petroleum estimates, Monterey Shale Reserve holds more than 15 billion barrels. It is considered as an area of huge potential oil production.
Elsewhere in California, Phillips 66 announced plans last year to convert its 120,200bpd Rodeo refinery near San Francisco to produce renewable fuels.
