Home' Trinidad and Tobago Guardian : February 16th 2017 Contents BG8 | ENERGY
BUSINESS GUARDIAN guardian.co.tt FEBRUARY 16 • 2017
bpTT using new
to prise out T&T's
Four of the five exploration
wells bpTT will be drilling
in the Columbus Basin off
Trinidad's East coast have
been informed by the Ocean
Bottom Cable Seismic it ac-
quired in 2013.
The company has also added that it is
now shooting Phase 2 of the OBCS which
will run until March. The survey area is
approximately 423 square kilometres and
is under the existing Teak and Poui fields.
Teak, Samaan and Poui were giant oil fields
which, in the early 1980s, produced more
than 100,000 bo/d.
BPTT's vice president, operations, An-
dre Celestine explained at the recent Energy
Conference hosted by the Energy Chamber:
"There are small pool opportunities with-
in existing fields and there are future new
field developments. We are using the data
from the OBCS seismic to help unlock these
"Phase 1, which was completed in 2013,
gave us improved understanding of the sub-
surface largely through enhanced imaging
that minimised the problems caused by
shallow gas. It should be noted that devel-
opment of Angelin was fast-tracked because
of the results of the data provided by the
OBCS and four out of the five opportunities
we have identified for our exploration pro-
gramme followed on from interpretation."
The OBCS used independent simulta-
neous source (ISS) technology. This rep-
resented the first time that bpTT used ISS
technology outside of a test environment.
ISS uses multiple vessels to collect data,
making the process more complex but with
the potential for improved seismic imag-
ing. The OBCS allows for better definition
of reflectors, faults, and imaging deep and
below shallow gas.
Celestine said bpTT's first exploration
well in a decade, Savannah, is being drilled
relatively closely to its Juniper field and, if
successful, may be produced from Juniper.
"Our exploration programme will contin-
ue in 2017 with the Savannah well which was
spud at the end of 2016. Savannah is located
six kilometres southeast of Juniper in water
depths of 500 feet and could potentially be
a tie-in to the Juniper subsea system.
"We also propose to drill Macadamia in
the second quarter. Macadamia will be the
second well in our exploration programme
and will be drilled in water depth of 274 feet."
Celestine said bpTT is expected to de-
liver an additional 160,000 barrels of oil
equivalent in 2017 or 20 per cent of BP's
global growth and said this will be achieved
by the coming on stream of an additional
775 mmscf/d of natural gas as a result of
the TROC and Juniper projects.
TROC (Trinidad Region Onshore Com-
pression) project is expected to come on
stream in the second quarter of 2017 and
Juniper in the third quarter.
TROC is designed to increase production
from low-pressure wells in bpTT's exist-
ing acreage in the Columbus Basin using
an additional inlet compressor at the Point
Fortin Atlantic LNG plant.
Meanwhile, the Juniper facility will devel-
op gas from the Corallita and Lantana fields
located 50 miles off the south east coast of
Trinidad, in water depths of approximately
360 feet. It is bpTT's first subsea develop-
ment and will tie back to the Mahogany B
He said bpTT will also invest in the de-
velopment of its producing areas, adding:
"In terms of our existing infrastructure,
our proposed drilling programme for 2017
will include the continuation of the Amh-
erstia well programme which began in 2016.
This programme is comprised of four new
"The Amherstia programme will be
completed in the second quarter. The
commencement of a three-well develop-
ment programme on the Kapok facility in
the first quarter. The commencement of a
three-well development programme on the
Serrette facility in third."
The Columbus Basin is a prolific oil and
gas province with more than 1 billion bbl of
light, sweet crude already produced from it
and bpTT is estimated to have more than
13 tcf of proved reserves in the Columbus
Basin, having already produced more than
eight tcf of gas from the basin.
BPTT has said that its OBCS has attract-
ed interest throughout BP because of the
technology being used and the quality of the
data and would help BP to plan and carry out
similar surveys in its other operating areas.
Oil down 2% as
dollar firms, OPEC
Oil prices declined on Monday by
about two per cent, the most
since mid-January, pressured by a
stronger dollar and signs of rising
US crude output.
Investors were meanwhile under-
whelmed by an OPEC report showing high compliance
with last year's production-cut deal.
"Crude fell due to the stronger dollar earlier in the
session, an increase in the US rig count and an increase
in US productivity in the shale basins," said James
Williams, president of energy consultant WTRG
Economics in Arkansas.
Hopes of US tax cuts to stoke corporate profits and
investments lifted the dollar to a near three-week
high against a basket of currencies earlier Monday,
pressuring greenback-denominated oil.
The Organisation of the Petroleum Exporting Coun-
tries (OPEC) and other producers, including Russia,
agreed late last year to cut output by almost 1.8 million
barrels per day (bpd) during the first half of 2017 in a
deal aimed at supporting prices and lessening a glut.
The group's first monthly data since the deal showed
that top producer Saudi Arabia made a large cut in its
crude output in January, helping boost compliance
with the group's supply-reduction deal to a record
high of 93 per cent.
Saudi Arabia told OPEC that it made an even bigger
cut than estimated by the secondary sources, reducing
January output by more than 700,000 bpd to 9.748
million bpd; lower than called for under the OPEC
But high compliance had been expected and the
report failed to push oil prices into positive territory.
"The good compliance rate of OPEC seems to be
priced in. The US rig count from Friday is weighing,
the numbers support the shale comeback story," said
Frank Klumpp, oil analyst at Stuttgart-based Landes-
US shale oil production for March is expected to rise
by the most in five months, government data showed
on Monday, as energy companies boost drilling on the
back of oil prices that are hovering over $50 a barrel.
Over the past month, US oil drillers have added
the most drilling rigs since 2012, bringing the total to
591 rigs, the highest since October 2015, oil services
company Baker Hughes said in a weekly report.
Speculators cut net long positions on Brent last
week by 10,000 contracts, weekly ICE data showed,
highlighting investor concerns about rising US pro-
Analysts at ABN Amro are sceptical about OPEC
production cuts delivering higher oil prices, and re-
duced Brent forecasts for the first half of this year to
US$50 from US$55 a barrel. Reuters
Links Archive February 15th 2017 February 17th 2017 Navigation Previous Page Next Page