Oil & Gas Fields
Greka owns over one billion barrels of hydrocarbons in place spread over approximately 13,000 mineral acres of productive area, of which less than 10% oil has been produced to date. The majority of the wells and mineral arces are concentrated along the central coast of California.
The Santa Maria Valley has been a significant oil and gas producing area since the early 1900’s. The initial companies producing in the area included most of the super majors such as Union Oil, Texaco, Shell, Chevron, Exxon and later Conoco Phillips. These companies drilled thousands of wells and created an infrastructure of pipelines and facilities that are still used in energy production today. Several productive oil and gas pay zones were discovered, but these companies focused between 6’ – 8’ in the Monterey zone. In focusing on the Monterey zone, these majors passed through a shallow zone yielding abundant and heavier oil that is the Refinery feedstock today. Over the years, as the major oil companies elected to reduce their assets, several smaller oil production companies acquired these assets. Two of the most significant were Saba Petroleum and Vintage Petroleum whose assets were subsequently acquired and consolidated by Greka. In addition, Greka acquired the man-made island, Rincon Island, constructed by Arco in 1959.