Amoco Announces Gas-Condensate and Oil Discovery in Trinidad

abarrelfull wrote on 07 Aug 2012 08:22
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03 October 1997
Amoco Corporation today announced another important new gas and oil field discovery offshore Trinidad and Tobago - the second discovery to be announced in the past three weeks.

With over 600 billion cubic feet (BCF) of gas as well as oil and condensate, the Renegade field provides additional hydrocarbon resources in one of Amoco's key growth areas and where domestic demand for natural gas is set to increase markedly over the next three years.

The discovery is the tenth success out of eleven recent exploratory wells drilled offshore Trinidad and follows closely the Sparrow discoveries announced on 11 September.

The combined results have brought the total gas discoveries in 1997 by Amoco in Trinidad and Tobago to more than 3 trillion cubic feet (TCF) and over 40 million barrels of oil and condensate.

Said President of Amoco Trinidad Oil Company David Wight: "The exploration success rate we have achieved is amongst the best in the world and demonstrates our technological competence and familiarity in the basin. These discoveries create value for both Amoco and Trinidad and Tobago, contributing significantly to the country's existing oil and gas reserves.

"This discovery further underpins our plans to increase our Trinidadian gas production from 350 million cubic feet of gas per day (MMcf/D) to more than 1 Bcf/D by the year 2000. During that time a number of major new industrial natural gas consumers will begin operating in the country, including the Atlantic LNG export project. Amoco will supply some 430MMcf/D to Atlantic LNG and another 350 MMcf/D for the new industrial consumers."

A second train expansion of Atlantic is being actively pursued, for which production could commence soon after the turn of the century.

Added Wight: "The progressive policies of the Government of Trinidad and Tobago are bringing very real benefits to the country and we are delighted to be playing a full part in the success."

Amoco has operated in Trinidad since 1961. Over the past four years its exploration successes have added more than 11 TCF to its natural gas reserve base. At the same time oil production is today running at approximately 50 thousand barrels of oil per day.

Said Mike Drennon, Vice President of Gas: "We are delighted with our recent exploration performance and believe there is still significant additional potential. With the Sparrow and Renegade discoveries, we anticipate the area between two of our producing fields, Cassia and Immortelle, could contain 10 TCF of natural gas resources together with significant quantities of condensate and oil."

The Renegade is located 44 miles Southeast of Galeota Point in water depths of 230 feet and was drilled to a depth of 12,900 feet. It encountered net gas pay of over 250 feet in 4 sands and a zone of oil over 30 feet thick.

Amoco Trinidad Oil Company is a wholly owned subsidiary of Amoco Corporation, a global producer of oil, natural gas, refined products and chemicals, with annual revenues of more than $36 billion.

• Amoco Announces Gas-Condensate and Oil Discovery in Trinidad

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