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Oil company make major discovery off the east coast

by | Jul 4, 2014

Business NewsSpanish oil giant REPSOL has made a major oil discovery off the east coast of Trinidad.

The company discovered hydro carbons in its tb14 well in the TSP offshore block.

The discovery was made outside the existing extension of the teak field has an estimated 40 million barrels of oil.

REPSOL says the barrels contained in the well increases the field’s current reserves and extends its productive life and adds new output.

The TB14 well currently produces 1200 barrels of oil per day.

According to the Spanish oil giant, the quality of oil is good crude quality and is in commercial production.

The company has been operating in the country since 1995.

It owns rights of 7 offshore blocks and operated the teak field, with a 70 percent interest in partnership with PETROTRIN and National Gas.

REPSOL says that the new find has upgraded the northern portion of the teak B field that was not known to exist before.

REPSOL and its partners hope to complete at least 2 more wells during the current year.

Energy Minister Kevin Ramnarine

Energy Minister Kevin Ramnarine

Energy Minister Kevin Ramnarine has stated that the find has major implications for the reserves of Trinidad and Tobago

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He also revealed that the Energy sector in the country was now in a better position and that T&T could look forward to more improvements.

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He also disclosed that while an increase d oil production would help with the revenue of the country, there was still much to be done.

Clip – Ramnarine revenue

Minister of Energy Kevin Ramnarine.

 

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