Repsol announced a new hydrocarbon discovery in the TB14 well at the Teak field, off the southeast coast of Trinidad.
The discovery in the northern part of the Teak B field is estimated to contain more than 40MMbo in place, which increases the field’s current reserves and extends its productive life.
Repsol operates the field (70%), on behalf of partners Petroleum Co. of Trinidad and Tobago (Petrotrin) and The National Gas Co. of Trinidad and Tobago (NGC), each holding 15%.
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 program includes new drilling through 2014.
The TB14 well produced 1200 bo/d during testing. In June, the TB13 well added 1384 bo/d to the field’s output. The new wells increase the block’s existing production, which averaged 10,900 bo/d during 2013, by an additional 24%.
In the last few years, the drilling programs in Trinidad and Tobago have benefitted from fiscal reforms designed to incentivize exploration and production in mature fields. This has resulted in increased rig activity, additional production, and new reserves.
Repsol and its partners expect to complete at least two more wells this year, with additional drilling later.
Repsol exploration activity has resulted in more than 50 discoveries since 2008, including some of the world’s largest finds.
In 2013, Repsol posted the highest reserve replacement rate among its peers at 275%, which also beat the company’s own reserve addition targets for a third consecutive year, to reach a total 1.515 billion boe.
Repsol in Trinidad and Tobago
Repsol has been operating in Trinidad and Tobago since 1995. It currently holds rights over seven offshore blocks. Repsol’s production in the country averaged 135,046 boe/d in 2013.
At the end of 2013, Repsol has hydrocarbons reserves in Trinidad and Tobago totalling 325.3MMboe.
Read more:
BHI international rig count for May 2014, 6 June 2014
EOR evolution, 1 June 2014
Subscribe
