The company announced the find Monday, saying that it is BP’s largest discovery in Trinidad and Tobago in seven years and the largest discovery of natural gas in Trinidad and Tobago since 2007.
The Savonette 4 discovery is the third major discovery of oil and gas in 2012 and follows on the successes of Bayfield in East Galeota and Petrotrin in Cluster 6, the PM noted.
Persad-Bissessar said, "This discovery augurs well for confidence in the Trinidad and Tobago economy.
"The Savonette 4 discovery will no doubt aid in the arrest in the decline of natural gas reserves. This has already been demonstrated in the 2011 Ryder Scott audit results and the trend is expected to continue in 2012.
"The discovery also confirms that Trinidad and Tobago’s Columbus Basin continues to be a world class hydrocarbon province. We also expect that this discovery will aid in attracting new investment into our downstream energy sector.
"Finally the monetization of these reserves will provide revenue to the Government of Trinidad and Tobago which will further be used for the benefit of all the peoples of our nation."
BP Trinidad & Tobago (bpTT) made the announcement Monday during a meeting in London involving Energy Minister Kevin Ramnarine, T&T’s High Commissioner to London, Garvin Nicholas and BP representatives including Bob Fryar, executive vice president of production; Bernard Looney, executive vice president, developments and Norman Christie, president, bpTT.
The company said it drilled the Savonette 4 appraisal well to a total depth of 18,678 feet and began production in October. It said production is currently about 225 million standard cubic feet of gas a day (mmscf/d).
The company plans to drill two additional development wells to be brought into production over the next year to 18 months.
The company said it drilled the Savonette 4 appraisal well to a total depth of 18,678 feet and began production in October. It said production is currently about 225 million standard cubic feet of gas a day (mmscf/d).
The company plans to drill two additional development wells to be brought into production over the next year to 18 months.
Christie said Monday the discovery is exciting news for both bpTT and the industry.
“The significant investment in the Savonette 4 well and the potential further investment in two additional development wells, combined with the investment in the ocean bottom cable seismic acquisition, is testament to bpTT’s ongoing commitment to the development of our Trinidad and Tobago operations and the wider industry.
“This discovery demonstrates that with the right technology we can continue to uncover the full potential of the Columbus Basin,” he said.
BP has a 100 per cent working interest in Savonette 4, which was discovered in 2004.
Ramnarine spoke to local media from London and explained why the gas discovery is good news for T&T.
“Firstly, it demonstrates that we are arresting the decline and bringing reserves into production. Secondly, it demonstrates that the Columbus Channel continues to be world class gas province", he said.
"It also indicates that BP is committed to T&T and would remain committed to T&T for the long haul. And it also places new light on attracting new players to the downstream sector."
"It also indicates that BP is committed to T&T and would remain committed to T&T for the long haul. And it also places new light on attracting new players to the downstream sector."
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