Jun 2016 Financial News

Production from September at Greater Angostura

Jun 15, 2016

Production is due to start in September at the Greater Angostura field located in block 2C, approximately 38km off the north-east coast of Trinidad.

The field, operated by BHP Billiton, is in the eastern Trinidadian sector of the Venezuela basin in relatively shallow waters and is operated by BHP Billiton.

The energy company will invest an estimated $400 million in the phase three development of the field, a three-well development which started with the drilling of a well in 5,000 ft of water using Joe Douglas jack-up rig.

The integrated oil and gas development uses a central processing platform which is connected to storage facilities at Guayaguayare by a pipeline.

From Guayaguayare, the production is transferred to offloading to tankers in Guayaguayare Bay by means of an export pipeline.

The project is expected to yield 2.8 million barrels of incremental oil and 400 billion cubic feet (bcf) to 500bcf of natural gas and is expected to yield a secure supply to T&T by producing approximately 100mmscfd of natural gas this year.

The phase three development is projected to add up to 1.75 trillion cubic feet (tcf) to the entire Angostura development.

BHP Billiton discovered hydrocarbons in block 2C in 1999 by drilling Angostura-1 well, followed by phase one development of the field.

Oil production from the field started in 2005. Phase II marked the development of the area’s gas reserves and achieved gas production in 2011.

The third phase of the multi-phased project was announced in November 2013 after an agreement was signed between the operator and Government.

According to the terms of agreement, the production sharing contract for the asset will be extended, by five years, up to 2026.

Source:
Trinidad Guardian
Wednesday June 15, 2016

http://www.guardian.co.tt/business/2016-06-15/production-september-greater-angostura