Frontera slashes capex, eyes Colombia production ramp-up
Frontera Energy plans to invest US$272-335mn this year, down from a midpoint estimate of US$420mn in 2023, the South America-focused company said on Thursday.
Upstream activities will account for US$230-280mn, including US$35-45mn for exploration, while US$40-50mn will be allocated to Colombian infrastructure works.
"Our 2024 capital and production plan is fully funded, protected by a prudent hedging program, and leans into the most productive and profitable assets within our portfolio," Frontera CEO Orlando Cabrales said in a statement.
He added that the Canadian company aimed to capitalize on near-field opportunities at its Quifa, CPE-6 and VIM-1 production blocks in Colombia.
In the exploration segment, Frontera plans to drill three wells, including the Hydra-1 prospect on Colombia's VIM-1 block, and two wells on Ecuador's Espejo block. It is also readying additional seismic and pre-drilling activities in Colombia.
The focal point of infrastructure investments will be the construction of a 6.8km, 18-inch pipeline connecting the Reficar refinery to the company's Puerto Bahia liquids terminal on Colombia's Caribbean coast. The Calgary-headquartered firm also aims to bring online a water treatment facility at Quifa.
Average full-year production is estimated to range from 40,000 to 42,000boe/d, Frontera added.
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