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Petrotrin has signed a US$100m exploration and
production licence with Bayfield Energy (Galeota) Ltd for exploration of
the Galeota block and revitalization of the Trintes oil field.
The Joint Venture Agreement was signed at the Hyatt
Regency Hotel in Port of Spain on Tuesday April 21. Minister of Energy
and Energy Industries Conrad Enill signed on behalf of the Government of
Trinidad and Tobago, Petrotrin’s Executive Chairman Malcolm Jones signed
on behalf of Petrotrin and Chief Operating Officer Simon Gill signed on
behalf of Bayfield Energy (Galeota) Ltd.
In an address at the signing, Mr. Jones stated that
Bayfield Energy would pay all of Petrotrin's capital investment and
operating expenses to cover the minimum work obligations for the first 4
years.
As part of its committed work programme, Bayfield
Energy will acquire new 3D seismic and drill new exploration wells to
fully explore the 12,000 ha licence area as well as to restore the
Trintes production platforms and existing wells. Bayfield Energy has
also committed to a signature bonus and a training/ scholarship
programme.
The Trintes oil field, which was discovered in the
1960s, has produced 22 million bbl of oil to date. Recent seismic
surveys have revealed the real possibility of another Trintes look-alike
field in the southwest quadrant of the block.
The Galeota block lies 6 nautical miles east of
Galeota Point in Southeastern Trinidad. Bayfield will hold a 65% working
interest in the new licence and be the operator of the asset and
Petrotrin will hold a 35% non-operating interest.
Bayfield plans to spend around $110 million on the
project. |
