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Repsol says makes 2 Tcf gas find offshore Trinidad

Barcelona β€” Repsol had made its largest natural gas discovery of the last five years offshore Trinidad and Tobago, with an estimated 2 Tcf of gas in place, the Spanish company said Monday.

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The discovery was the most significant in a decade for the country, Repsol said in a statement.

"The discoveries were made in two wells, Savannah and Macadamia, located in the East Block within the Columbus Basin east of the island of Trinidad at a depth of 150 meters," Repsol said.

Repsol holds a 30% stake in the exploration consortium bpTT, while the rest is held by BP, it said.

Trinidad and Tobago is the second-largest country for Repsol production, after the US, it said. Repsol produced 101,887 barrels of oil equivalent per day in Trinidad and Tobago in 2016, it added.

Repsol added that Trinidad and Tobago has also authorized the development of the Angelin project, in which it also holds a 30% stake. This field is located in the West Block, 60 km from the island of Trinidad, where production is estimated at 600 MMcf/d (109,000 boe/d). Drilling is expected to begin in the second half of 2018, with production beginning in 2019.

Repsol has operated in Trinidad and Tobago since 1995. The company holds mineral rights to three offshore production and development blocks and rights in two other exploration blocks.

Repsol's 2016 net production in Trinidad and Tobago was 3.9 million barrels of liquids and 187.5 Bcf of gas, equivalent to 101,887 boe/d. The company's net proved reserves of oil and gas amounted to 291.4 million boe at the end of 2016.

The Trinidad and Tobago discovery announced Monday follows Repsol's find in Alaska announced in March -- described as the largest conventional discovery of hydrocarbons of the last 30 years on US soil, with a total of about 1.2 billion recoverable barrels of light crude oil.

--Gianluca Baratti,

--Edited by Richard Rubin,