Sable Offshore Restarts Santa Ynez Oil Production, Shares Rise

MT Newswires Live
05-19

Sable Offshore (SOC) said Monday that it restarted production at the Santa Ynez Unit, with oil now flowing to Las Flores Canyon at about 6,000 barrels per day.

The company said it also completed anomaly repairs on the Las Flores Pipeline System, meeting key requirements under the Consent Decree governing the pipeline's restart.

Seven of eight pipeline sections have passed hydrotesting, and a final test is set for completion soon, allowing the operational restart of the Onshore Pipeline, the company said.

Sable expects to fill the 540,000-barrel storage facility at Las Flores Canyon by mid-June and resume oil sales in July.

Well testing on Platform Harmony has been underway throughout May, with tested wells outperforming pre-shutdown levels from 2015, the company said, adding that about 30% of Harmony's 32 wells have been tested.

Sable said it plans to begin production from an additional 44 wells on Platform Heritage in July and 26 more on Platform Hondo in August.

Shares of the company rose more than 15% in recent premarket activity.

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