BP Discovers Major New Gas Field In Trinidad

abarrelfullabarrelfull wrote on 09 Aug 2012 12:04

26 September 2000

BP announced today that it has discovered a major new natural gas field offshore Trinidad and Tobago.

The initial well on the Red Mango field, located 35 miles east of Galeota Point, indicated gas volumes of some three trillion cubic feet and 90 million barrels of oil condensate, making it the largest discovery yet made in Trinidad and Tobago and BP's second major gas find in the area this year.

In oil equivalent terms, the discovery is estimated to contain resources of some 630 million barrels. The company said it will shortly begin appraisal work to define the exact size of the find.

Summarising highlights from an upstream presentation to oil analysts in Houston scheduled for later today, the company also confirmed two further oil discoveries offshore Angola in the past two months.

The first, Saxi-1, in block 15 where BP has a 26.67% stake and ExxonMobil is operator. The second, Perpetua-1 in block 17, is operated by TFE with BP holding a 16.67% stake.

In the deepwater Gulf of Mexico, BP said it had to date discovered resources estimated at 3.5 billion barrels and its deepwater production is currently running at some 200,000 barrels a day of oil equivalent. Output is targeted to double by 2004 and to hit around 750,000 barrels a day by 2007.

BP also disclosed a strong drive to grow its North American gas position, as part of a three-year target - outlined to analysts last July - to grow worldwide gas production by between eight and ten per cent a year.

It plans to spend an annual $1.5 billion to find and develop North American gas - from an intended overall exploration and production spend in the U.S. and Canada of $3 billion a year over the next three to four years.

BP is the number one natural gas supplier and holder of gas reserves in North America which currently accounts for 58% of its worldwide gas production.

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