Historical Stock Chart
2 Years : From Jul 2012 to Jul 2014
LONDON--BP PLC's (BP.LN) Trinidad and Tobago unit, BPTT, said Monday it has discovered an estimated 1 trillion cubic feet of gas off the coast of Trinidad, doubling the estimated gas in place at the Savonette gas field.
The Savonette 4 appraisal well was drilled to a depth of 18,678 feet and penetrated hydrocarbon-bearing reservoirs in two intervals, with discovered gas in place exceeding initial estimates, the company said in a statement.
The Savonette 4 well began production in October, and is currently flowing at a rate of around 225 million standard cubic feet of gas a day, ramping up to 250 million standard cubic feet a day, BP said.
"This is exciting news for both BPTT and the industry since this represents the largest discovery for BPTT since 2005," said BPTT President Norman Christie.
The Savonette field was discovered in 2004 and began production in 2009. Based on the success of the Savonette 4 well, BPTT plans to drill another two development wells into the Savonette reservoirs.
The two additional development wells are expected to be brought into production over the next year to 18 months.
BPTT holds exploration and production licenses covering 904,000 acres of marine areas off Trinidad and Tobago's east coasts.
BPTT's average production in 2011 gas from Trinidad and Tobago was 2.2 billion cubic feet of gas a day and 31,000 barrels of oil.
BP shares closed up 3.13% at 429.64 pence a share.
Write to Selina Williams at firstname.lastname@example.org
Subscribe to WSJ: http://online.wsj.com?mod=djnwires