Eric Watkins
Senior Correspondent
LOS ANGELES, July 15 -- Petro-Canada has signed three production-sharing contracts with Trinidad and Tobago for offshore exploration.
Petro-Canada said it will invest $80 million in the 645 sq km Block 1(a) and the 518 sq km Block 1(b), both in the Gulf of Paria, as well as in the 2,968 sq km Block 22, which lies 10 km north of Trinidad and Tobago. Petro-Canada will begin a 3D seismic survey on Blocks 1(a) and 1(b) in the fourth quarter.
Two 3D seismic surveys will be shot and six exploration wells drilled over the next 5 years, said Nick Maden, Petro-Canada's vice-president, offshore exploration. "These awards will be Petro-Canada's first operated assets in Trinidad and Tobago," he said.
Trinidad and Tobago Minister of Energy and Energy Industries Eric Williams said Blocks 1(a) and 1(b) had been explored earlier by Dominion Oil, but Block 22 had never been offered under the competitive process.
The petroleum company of Trinidad and Tobago, Petrotrin, will hold a 20% stake in Block 22.
Petro-Canada holds a 17% working interest in the North Coast Marine Area-1 gas development in Trinidad and Tobago. Its share of production from the nation in 2004 averaged 72 MMcfd of gas, up from 63 MMcfd in 2003.
The increase was a result of supplying full-year production to Train 3 at the Atlantic LNG Co. of Trinidad & Tobago LNG facility. Train 3 started operations in the second quarter of 2003.
Contact Eric Watkins at [email protected].
