The company's President designate Khalid Hassanali made the announcement at the Post Cabinet News Conference. He said the discovery was made approximately four miles off the West Coast in 60 feet of water.
He explained that four of the five wells drilled and tested produced up to 700 barrels of oil per day. The wells have heavy and very light crude oil, with the lighter grade below the heavy oil.
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| Khalid Hassanal and Lindsay Gillette |
Hassanali said it's the largest find for Petrotrin in 10 years. He noted that a development plan for the exploration will be made after the completion of an extensive testing and evaluation program, which is already underway.
"Although full development usually takes between three and five years, we intend to commence production of the wells that have already been drilled within the next 12 months because as I said they were actually tested, they were actually producing. They are being tested right now and they are actually flowing right now," he said.
He added that the production facilities for these reserves can be located on land in Point Fortin.
Petrotrin chairman Lindsay Gillette, who also attended the media briefing, said there are other prospective reservoirs within other parts of the Soldado and North Marine acreages. He added that Petrotrin will aggressively continue to explore and appraise these areas with a view to growing its oil reserves.
"The importance of the renewed commitment of our employees in this new initiative cannot be over-emphasized," Gillette said.
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