CANADIAN oilfield services company High Arctic Energy plans to purchase more rental equipment across 2016 to support its operations in Papua New Guinea, the company has announced.
In a late December announcement, the company said its 2016 capital budget would comprise C$15.5 million – of which C$12 million would go towards growth capital and C$3.5 million to maintenance capital spending.
High Arctic would also add some newly designed snubbing units, suited to high pressure, extended lateral length wells, to its range – using some of the capital funds allocated in 2015.
Company chief executive Tim Braun said the company was in a position to be flexible in its allocation of capital as new opportunities appeared across the year ahead.
“Our 2016 capital expenditure program addresses immediate capital needs to support our base business operations in Papua New Guinea and niche growth opportunities in Canada,” he said.
“We continue to focus on our stated plan for growth through strategic acquisitions in the existing capital constrained market.”
High Arctic holds a range of heli-portable drilling rigs as well as rolling stock support equipment for rent in PNG.
These include rig matting, crawler cranes, water pumps, telehandlers, lighting towers, camps and forklifts and wheel loaders, the company said.