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Spain’s Energy Company Repsol Makes Giant Gas Find Off Of Trinidad & Tobago

BLACK GOLD: BP Trinidad & Tobago LLC claimed the gas discoveries in the Savannah and Macadamia exploration wells, which come less than two months after the unit ramped up a natural gas compression project onshore Trinidad, one of seven major upstream projects the large company expects to bring online in 2017.

PORT OF SPAIN — Spanish energy company Repsol and London-based British Petroleum (BP) say they have found a gas field in the region containing an estimated two trillion cubic feet of natural gas — equivalent to two years of Spanish demand.

Repsol of Spain says that it is the largest volume of gas it has discovered in the last five years and the most significant in a decade for Trinidad and Tobago.

Repsol holds a 30 percent stake in the exploration consortium, with the rest held by BP.

A Repsol statement issued today says that drilling is expected to begin in the second half of next year.

The company says about 65 percent of its production and 75 percent of its reserves are gas, a key fuel in the transition to a low-carbon economy.

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