Repsol oil discovery offshore Trinidad

Repsol has made a new hydrocarbons discovery in the Teak field, offshore Trinidad and Tobago, in the TSP block east of the island of Trinidad.

The newly-discovered area is estimated to contain over 40 million barrels of oil in place, which increases the field’s current reserves, extends its productive life and adds new output.

Repsol operates the field with a 70% interest, partnered by co-venturers Petroleum Company of Trinidad and Tobago (Petrotrin) and The National Gas Company of Trinidad and Tobago (NGC), with a 15% stake each.

Drilling campaign

Repsol and its partners are carrying out a drilling campaign to add new resources and production to the TSP block, which has been producing since the 1970s. The programme includes new drilling throughout 2014.

The TB14 well, which has produced 1200 bpd of oil in testing, adds to the start-up in June of the TB13 well, which added 1384 bpd to the field’s output. The new wells add 24% to the block’s existing production, which averaged 10,900 bpd during 2013.

Fiscal reforms

The drilling programmes in Trinidad and Tobago have been benefitted by fiscal reforms implemented by the government in the last few years to incentivise exploration and production in mature fields. This has resulted in increased rig activity, additional production and new reserves.

Repsol and its partners continue to work in the area, expecting to complete at least two more wells during the current year, with further drilling scheduled for the following years.

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/04072014/repsol_discovers_oil_offshore_trinidad_and_tobago_975/