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 selina.williams@wsj.com
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