Amoco Corp. plans capital investments of $1.2 billion for natural gas and oil projects in Trinidad and Tobago the next 2 decades.
A large share of these outlays will go to developing natural gas fields off Trinidad's southeastern coast in order to meet local gas sales that are projected to increase threefold the next five years.
Amoco expects its natural gas deliveries in this Caribbean nation to rise from the current 350 MMcfd to 1.1 bcfd during that period.
Increased demand for natural gas will come from a 3 million metric ton/year liquefied natural gas project-scheduled to start major construction in the fourth quarter-and from strong growth in gas-based industries such as ammonia, methanol, and production of iron ore briquettes for export. Trinidad's liberal investment policies have attracted several large investors in recent years, and the tiny country has become the world's second largest exporter of ammonia and third largest methanol exporter.
The lead partner in an international group building and operating the $1 billion LNG complex, Amoco also has a contract to supply the LNG plant with as much as 475 MMcfd of natural gas for 20 years.
Other members of the group are British Gas plc, Spain's Repsol SA, state-owned National Gas Co. of Trinidad (NGC), and Cabot Corp., Boston.
To begin supplying the LNG plant by 1999, Amoco Trinidad Oil Co. (ATOC), a wholly owned subsidiary of Amoco, plans to drill a total of 65 wells in two Atlantic Ocean fields, East Mayaro and South SEG (South-Southeast Galeota).
Amoco, which has invested more than $ 1.5 billion in exploration, development, and production of oil and gas off Trinidad since the mid-1960s, also will make investments to lay new gas and condensate pipeline systems and develop other projects there.
ATOC has discovered more than 8 tcf of gas and 100 million bbl of oil in Trinidad the last 3 years.
In its 1995-96 exploration program, it has drilled eight exploratory wells, seven of which have found hydrocarbons in commercial quantities.
ATOC currently produces gas from Cassia, Flambouyant, Immortelle, Banyan, Teak, and Poui fields off Trinidad's southeastern coast. Other companies working in Trinidad's natural gas sector are British Gas, Enron Corp., Texaco Inc., and NGC.
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