Spain’s Repsol says it discovered an oil reserve estimated at 40 million barrels of oil equivalent in the waters off the Caribbean islands of Trinidad and Tobago.The reserve has produced 1,200 barrels of high quality oil in tests and is ready for commercial production, the oil major said.
Repsol has been exploring in Trinidad and Tobago for nearly 20 years. It has rights on seven offshore sites in the region. The Spanish company’s oil reserves around the islands totalled 325.3 million barrels of oil equivalent at the end of 2013.
The well is outside the existing Teak field extension, east of the island of Trinidad. It tested at 1,200 b/d and is in commercial production. The company estimates 40 million bbl of oil in place. Repsol said the discovery adds to the completion of the TB13 development well, which recently added nearly 1,400 b/d. The block’s production averaged 10,900 b/d in 2013.
Repsol, the operator, has 70%. Petroleum Co. of Trinidad & Tobago and National Gas Co. of Trinidad & Tobago each have 15%. Together, they expect to complete at least two more wells this year.