Curtis Williams
OGJ Correspondent
PORT OF SPAIN, June 20 -- The decision by Statoil ASA to suspend drilling on Block 4 off Venezuela will slow moves to unitize the block with BP Trinidad & Tobago LLC-Repsol YPF SA Block 5B, according to Shelagh de Osuna, ambassador and the head of Trinidad and Tobago's negotiating team.
Statoil suspended drilling of the Ballena 1-X well on Block 4 in the Plataforma Deltana area off Venezuela, saying technical standard of Transocean Inc.'s Sovereign Explorer semisubmersible failed to meet its requirements for safe drilling in high-pressure reservoirs (OGJ, June 13, 2005, Newsletter).
Venezuela and Trinidad and Tobago have been negotiating the unitization of three blocks along their border. It is believed that the blocks have combined reserves of 15-20 tcf of gas, 12 tcf of which is already proved.