Major Oil Discovery - 48 mil Barrels

[bushwakka]

and how much of that is reserves? or recoverable?

[Rooki3]

So what is your source for this info?

The Post Cabinet Media Briefing in which it was announced?

now self me en believe

[salvation4U]

Petrotrin has announced the discovery of new oil reserve at Soldado acreage which will see an estimated 48 million of barrels of new oil drilled in an area off the coast of Point Fortin.

Speaking at Thursday's Post Cabinet News Conference, Petrotrin's President Designate, Mr. Khalid Hassanali, confirmed that the discovery was made approximately four miles off the West Coast of Trinidad in 60 feet of water.

He said in 4 out of 5 wells drilled, such wells produced and tested up to 700 barrels of oil per day. Heavy and very light crude oil were both discovered at the site. The light oil was found in large quantities below the heavy oil.

"The average well on land produces less than 10 barrels of oil per day, and the average marine well produces less than 75 barrels of oil per day. By comparison, the wells we tested, tested an initial production rate at an impressive 700 barrels per day."

Mr. Hassanali said this is the largest find for Petrotrin in 10 years. An extensive testing and evaluation programme is already underway and this will influence a development plan.

"Although full development usually takes between three and five years, we intend to commence production of the wells that have already been drilled within the next 12 months because as I said they were actually tested, they were actually producing. They are being tested right now and they are actually flowing right now."

The proximity to the Point Fortin shore will ensure benefits including transportation of the crude and proximity to other necessary offshore and onshore resources. Mr. Hassanali said the production facilities required to produce these reserves can be actually located on land where it will be cheaper to construct.

Both Mr. Hassanali and Petrotrin Chairman, Mr. Lindsay Gillette, said Petrotrin now plans to continue exploration in the area in the hopes of growing its oil reserves in the entire block.

Mr. Gillette added: "There are other prospective reservoirs within other parts of the Soldado and North Marine acreages. Petrotrin will aggressively continue to explore and appraise these areas with a view to growing its oil reserves. The importance of the renewed commitment of our employees in this new initiative cannot be over-emphasized."

http://www.ctntworld.com/LocalArticles.aspx?id=39632&utm_source=twitterfeed&utm_medium=twitter

why are you all happy??

Only petrotrin workers and family and friends, and contractors would be happy,bathing in money and enjoying riches

But money is not everything id always say...

Anyways they should perforate the lower zone bc its more valuable/ has a lower api...and worth more

They say that the well is flowing they prob doing ischronal/ modified/ flow by flow test so we'd have to wait to see the reservoir perms/porosity ,reservoir extent/area/volume, vis, OIIP,STOIIP, reservoir skin etc but petro does take forever with data.. trini work ethics smh...

[dgopaul26]

is not the first time we had an oil boom and it may not be the last. things will just get worst cause they thinking about exporting it to be refined and i guess that costs alot of money

[SmokeyGTi]

[Mudboy]

Petrotrin has announced the discovery of new oil reserve at Soldado acreage which will see an estimated 48 million of barrels of new oil drilled in an area off the coast of Point Fortin.

Speaking at Thursday's Post Cabinet News Conference, Petrotrin's President Designate, Mr. Khalid Hassanali, confirmed that the discovery was made approximately four miles off the West Coast of Trinidad in 60 feet of water.

He said in 4 out of 5 wells drilled, such wells produced and tested up to 700 barrels of oil per day. Heavy and very light crude oil were both discovered at the site. The light oil was found in large quantities below the heavy oil.

"The average well on land produces less than 10 barrels of oil per day, and the average marine well produces less than 75 barrels of oil per day. By comparison, the wells we tested, tested an initial production rate at an impressive 700 barrels per day."

Mr. Hassanali said this is the largest find for Petrotrin in 10 years. An extensive testing and evaluation programme is already underway and this will influence a development plan.

"Although full development usually takes between three and five years, we intend to commence production of the wells that have already been drilled within the next 12 months because as I said they were actually tested, they were actually producing. They are being tested right now and they are actually flowing right now."

The proximity to the Point Fortin shore will ensure benefits including transportation of the crude and proximity to other necessary offshore and onshore resources. Mr. Hassanali said the production facilities required to produce these reserves can be actually located on land where it will be cheaper to construct.

Both Mr. Hassanali and Petrotrin Chairman, Mr. Lindsay Gillette, said Petrotrin now plans to continue exploration in the area in the hopes of growing its oil reserves in the entire block.

Mr. Gillette added: "There are other prospective reservoirs within other parts of the Soldado and North Marine acreages. Petrotrin will aggressively continue to explore and appraise these areas with a view to growing its oil reserves. The importance of the renewed commitment of our employees in this new initiative cannot be over-emphasized."

http://www.ctntworld.com/LocalArticles.aspx?id=39632&utm_source=twitterfeed&utm_medium=twitter

why are you all happy??

Only petrotrin workers and family and friends, and contractors would be happy,bathing in money and enjoying riches

But money is not everything id always say...

Anyways they should perforate the lower zone bc its more valuable/ has a lower api...and worth more

They say that the well is flowing they prob doing ischronal/ modified/ flow by flow test so we'd have to wait to see the reservoir perms/porosity ,reservoir extent/area/volume, vis, OIIP,STOIIP, reservoir skin etc but petro does take forever with data.. trini work ethics smh...

All that to say you know a reservoir engineer?

Every barrels counts and more work for Trinis.......so stop the griping.

[Allergic2BunnyEars]

Its funny when the Rider/Scott report comes out and it predicts 10 more years of estimated reserves of oil (as it have done since the 1950's) people run around like a headless chicken screaming we have no money for tomorrow.

I happy for the find but it will probably take about 2.5 yrs to fully monetize it.


hint hint

Didn't that Ryder Scott report say it was a few years left for natural gas? It wasn't oil people were freaking out over.

[Stephon.]

This is great news for Kamla's shoe closet!

[pugboy]

point highway and associated bobol here we come

[TriP]

she holding it ..like she gonna drink it

[S_2NR]

It could be million, billion or trillion.
We on the ground still gonna ketch we mudda crunt!

this.....


nice to see the PP got a smokescreen just in time for the increasing conflict/power struggle within

That

[sMASH]

48 000 000 + 32 000 000 = 80 000 000 barrels of oil
price of oil per barrel X no. of barrels =
80 000 000 X 100 = 8 000 000 000

so a generous estimate of the gross earning of the field is 80 billion us.
what is our yearly budget?

[hustla_ambition101]

48 000 000 + 32 000 000 = 80 000 000 barrels of oil
price of oil per barrel X no. of barrels =
80 000 000 X 100 = 8 000 000 000

so a generous estimate of the gross earning of the field is 80 billion us.
what is our yearly budget?

did you factor in operating costs in your calculations?

[devrat]

48 000 000 + 32 000 000 = 80 000 000 barrels of oil
price of oil per barrel X no. of barrels =
80 000 000 X 100 = 8 000 000 000

so a generous estimate of the gross earning of the field is 80 billion us.
what is our yearly budget?

did you factor in operating costs in your calculations?

or the type and density of the crude....this will determine the price.

[geodude]

true many ppl don't realise that the oil prices that we hear are for light crude, not the majority of crap that is found in our Basins,

[bushwakka]

Anyways they should perforate the lower zone bc its more valuable/ has a lower api...and worth more

They say that the well is flowing they prob doing ischronal/ modified/ flow by flow test so we'd have to wait to see the reservoir perms/porosity ,reservoir extent/area/volume, vis, OIIP,STOIIP, reservoir skin etc but petro does take forever with data.. trini work ethics smh...

all that to say u kno a lil bit abt pet eng?

[devrat]

true many ppl don't realise that the oil prices that we hear are for light crude, not the majority of crap that is found in our Basins,

Actually Trinidad has one of the best crude in the world (Galeota Mix) out of BP.....BHP production has less quality but still good and Petrotrin is left with the sheit.

and BTW salvation4u.....good light crude oil has a low density and high API

[shake d livin wake d dead]

there goes the development of the agriculture industry in this country..sighhhhhhhhhh

[Habit7]

Government today, in its post cabinet meeting, announced that it just saved a bunch of money by switching to Geico. They are hopeful that this new windfall will make them achieve utopia much sooner than their 2015 mandate. Details in later newscast.

[sMASH]

sooo, when u factoring operating costs, and the type of oil found, the net possible earnings goeth down. what i am saying, it is a find, but not so big to be the end all of worries.

[civic minded]

Petrotrin released that this find will increase their output by 1% . There will be very minimum increase in profit to the government. The prime minister again blowing things out of proportions and trying to distract the nation from important issues.

[~Vēġó~]

^^^tending to agree with you....

[geodude]

well hopefully, the publicity that the powers that be are giveing to this will encourage some sort of reinitialisation of the industry.
If all it does is encourage Petrotrin (trinimar) to start drilling a few more wells then at least it will be a step in the right direction for the oil industry,
But after the Canadian Superior success in their drilling campaign of the east coast and the PetroCanada finds of Tobago, we were certain that other players would take interest in the offshore offerings but the opposite happened.

[Habit7]

Experts: Govt jumped gun on 'big' oil find
By Renuka Singh

Story Created: Mar 31, 2012 at 10:49 PM ECT
Story Updated: Mar 31, 2012 at 10:49 PM ECT

There were more mixed reactions yesterday to the announcement last Thursday of a large oil find by State-owned Petrotrin.
Opposition Leader Dr Keith Rowley on Friday said the discovery off the Gulf of Paria was good news for the country.
But he said it was presented on Thursday during Government's post-Cabinet press briefing as public relations propaganda.
A number of energy industry experts yesterday labelled what Government announced as a 48 million-barrel oil discovery as a case of premature optimism.

At the post-Cabinet briefing Carol Telemaque, Petrotrin's manager of prospect generation, admitted the crude oil discovery was not a major find by international levels.
"This is not proven reserves in the common international standards with respect to how you determine and state what your proven reserves are. We still are testing and evaluating the area," she said.
"Later on, probably at the end of the year, we'd be better able to say with greater certainty what our outlook is in the area and whether we can make it fully commercial," she said.

One senior energy expert yesterday said he was upset the pace of Petrotrin's discovery was being dictated by party politics.
"What is the big deal? From what I have seen, this is no new discovery," he said.
"We are dealing with politics of the moment. What matters to the government is that today is today and tomorrow is tomorrow. This is what you get when the boards of State enterprises are politically appointed," he said in a telephone interview yesterday.
"When that announcement came, I got several calls from Trinmar and it was a big joke in there since there are so many questions yet to be answered before such an announcement should be made," he said.
He said he was surprised at the venue for the announcement and "in his day" politicians would not have attended what should have been a Petrotrin announcement.
"What that tells you is how seamlessly Cabinet and the leaders of the State enterprises are intertwined," he said.

"Petrotrin and (the National Gas Company) have become an extension, an arm, of this government," he said.
He explained if State board appointments continued, there would never be any continuity in the State enterprises.
"A company, a country's revenue earner, should not be taking political direction, but rather should be making economic decisions."
Dexter Daniel, Petrotrin's operations adviser in the Exploration and Production Division, defended the announcement but admitted it was not that big a find.
"At least not until you understand the fuller implication of the find," he said.
Daniel said Cluster-6, where the discovery was made was indeed not a new area.
"We knew of oil in that vicinity, but we knew there was heavy oil in that area, which is expensive to develop. What was remarkable is that we found light oil and that was truly a big discovery," he said.

He said there were five exploratory wells drilled in which two held heavy oil, two light oil and the fifth was dry.
One petroleum engineer attached to Trinmar put the find in context.
"Cluster-6 was always lucrative, that is a proven fact but the announcement of the reserve and the production time was premature," he said.
"I am not sure that we have done all our homework based on that announcement they made, because come (tomorrow) you may very well hear something different," he told the Sunday Express in a telephone interview yesterday.

The engineer said he was curious about the timing of the statement because of a lucrative S-14 well that was still producing upwards of 400 barrels per day and had a capacity to produce an estimated 200,000 barrels more and yet nothing was said about it.
"And that well was drilled in the 70s and capped and is producing untested right now," he said.

http://www.trinidadexpress.com/news/Exp ... 54015.html

[Pointman-IA]

Let us watch and see how this plays out.

[guest1]

.....

[Mudboy]

that's good though, the last I heard of oIl discovery was in Canada, finding a good amount (bout 175) and obviously Venezuela, saudi, iraq, iran. Energy real sick though, I remember they set it up where there was pipelines running at the plant, and you could turn on the pipe and pour it in a bottle, and oil so efficient where 1 barrel of oil (like the refined product), which you might pay $100 for, would produce the same amount of energy, as 12 men working for an entire year, real cost efficient. so something about 1 average man working for 25,000 hours to produce the same amount of energy in 1 barrel of oil. in Iraq you could pull that barrel of oil out of the ground for $1, so you $1 investment giving you back 25,000 hours of human labour.
I could talk about oil whole day yes.

then again that whole natural gas sector, in the pits,

cause these heads produce so much, particularly in heating oil, that the results turn out that is not really as cold as they thought it was going to be, so produce all this, but they have no demand for it, so they have huge supply, no demand. and you know when you wanna sell something and they have no buyers, for it, and illiquid as sh** how's that's the worst. and you might end up selling it for like, scrap prices. Never deal up in that scene.

Oil came from deadnin dinosaurs and ting.....you forgot to mention that.....


but in a nutshell, I don't see anything bad about reporting a new find...however small.

[nos_specialist]

hmmm application to petrotrin...need to do it.....


















sumtime today