Repsol Discovers New Oil Reserve In Trinidad Waters

PORT OF SPAIN, Trinidad, CMC – The Spanish energy company, Repsol says it has discovered an oil reserve estimated at 40 million barrels of oil equivalent (boe) in the waters off Trinidad’s south-east coast.

In a statement, the company said that the hydrocarbons were found in its TB14 well in the TSP block, outside of the existing extension of the Teak field.

The TB14 well has produced 1,200 barrels of oil a day of good quality crude in testing and is in commercial production and the company said the latest discovery adds to the successful completion of the TB13 development well, which began producing in May.

“The company has for the last three years beaten its own resource addition targets, outlined in its 2012-2016 strategic plan,” Repsol said.

Repsol has been operating in Trinidad and Tobago since 1995. It currently holds rights to over seven offshore blocks.

At the end of 2013, Repsol’s hydrocarbons reserves in Trinidad and Tobago totalled 325.3 million barrels of oil equivalent.

Energy Minister Kevin Ramnarine said that the new oil discovery “is adding to the overall national numbers.”