Home' Trinidad and Tobago Guardian : July 4th 2014 Contents A23
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Repsol has discovered hydrocarbons in its
Teak Bravo North (TB14) well in the Teak
Samaan Poui (TSP) block offshore T&T, east
of the island of Trinidad, the company con-
firmed in an e-mail yesterday.
"This discovery, made in an extension of the
existing Teak field, has an estimated 40 million
barrels of oil in place," the company said.
"The TB14 well was tested flowing at 1,200
barrels of oil per day of good quality crude and
is on production. This find is in addition to the
successful completion of the Teak field devel-
opment well TB13, which began producing
from May 2014. For the last three years, Repsol
has exceeded its internal resource addition tar-
gets outlined in its global 2012-2016 strategic
This find in the TB14 well has upgraded
the northern portion of the Teak B field that
was not known to exist before,. The new area
is estimated to contain more than 40 million
barrels of oil which increases the field s current
reserves, adds new production and extends
its productive life, the company said.
Repsol operates the field with a 70 per cent
interest, partnered by co-venturers Petroleum
Company of T&T (Petrotrin) and the National
Gas Company of T&T (NGC), with a 15 per
cent participation each.
"I am happy to receive news of Repsol s
success," said Energy and Energy Affairs Min-
ister Kevin Ramnarine when asked for com-
ment. "These new reserves are already being
produced and are adding to the national num-
bers. In the last three years, we have succeeded
in arresting the decline in oil production which
started in 2006.
"There is a lot more to be done. However,
arresting the decline in itself is an achievement.
Repsol s success is due to a range of factors
that include the changes in the fiscal regime
in 2010 to 2014."
Repsol and its partners are carrying out a
two-rig drilling campaign aimed at adding
new resources and production to the TSP
fields, which have been producing since the
1970s. TB14 well was tested flowing at 1,200
barrels of oil per day of light crude oil. Prior
to this, the first well in the 2014 drilling cam-
paign, TB13, was drilled and is currently flowing
at a rate of 1,384 barrels of oil per day of light
"This incremental volume from TB13 and
TB14 represents a significant increase of 25
per cent from the current TSP production,"
The two-rig drilling campaign was made
possible due to recent revised fiscal regime
incentives implemented by the government
of T&T, which has resulted in increased rig
activity, additional new production and new
"The company currently has a two-rig
drilling programme using the Seadrill West
Freedom and the Rowan Gorilla III," Ramnarine
"Repsol and its partners continue to work
in the area and expect to carry on drilling dur-
ing the current year and also in the following
years," the company said.
Repsol has been investing in T&T since
1995 and currently holds rights over the TSP
block and other offshore exploration and pro-
duction blocks. Its production in the country
averaged 135,046 barrels of oil equivalent per
day (boepd) last year, representing 39 per cent
of company s total production.
Repsol has boosted its exploratory activity
in the last few years with significant success,
with more than 50 discoveries since 2008,
including some of the world s largest finds in
In 2013, Repsol posted the highest reserve
replacement rate amongst its peers at 275 per
cent, which also exceeded the company s inter-
nal reserve addition targets for a third con-
secutive year to reach a total 1.515 billion barrels
of oil equivalent.
Barack Obama says job
growth in June shows the
recovery is taking hold, but
the economy could still do
Obama is urging Congress
to work with him to help
create more jobs.
Obama cites the fastest
job growth since 1999 and
says, "we're making
Employers added 288,000
jobs in June, helping drive the
unemployment rate to 6.1 per
cent. It is the lowest rate
since September 2008 and
the fifth straight monthly job
gain above 200,000.
Obama spoke at 1776, a
tech startup hub in
Washington with an
appropriate name for
America's Independence Day
(July 4, 1776). The White
House says the business
commitment to promoting
entrepreneurs for "trying to
figure out how we do well by
doing good." (AP)
Obama on US economy: 'We're making progress'
Repsol confirms new oil find
Energy Minister Kevin Ramnarine, left, on a recent visit to the West Freedom Jack-up Rig,
greets Repsol Business Unit director Luis Polo and business advisor Allan Russell.
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