Trinity Exploration & Production has disclosed that the Ministry of Energy and Energy Industries (MEEI) of the Government of Trinidad and Tobago has informed the company that its application for the Buenos Ayres Block, offered in the 2022 Onshore Competitive Round and Nearshore, has been successful.
The MEEI has invited Trinity to discuss the granting of an exploration and production license (public oil rights) for the Buenos Aires block, Trinity revealed.
“Trinity is very pleased to have been successful in our bid for the Buenos Ayres block; we believe it is an important second catalyst in a rapid succession after the start of the Jacobin well. It is a cornerstone of the strategy and Trinity’s updated approach to leverage our competitive advantage in the Palo Seco area,” said Jeremy Bridglalsingh, Trinity’s CEO.
“Our investment in the purchase of the Northwest District 3D seismic dataset and the resulting extensive subsurface work has provided Trinity with an unparalleled understanding of trapping mechanisms in the Palo Seco area. Our 3D seismic review of the Buenos Ayres blog, using our in-house knowledge, has highlighted multiple perspectives at various levels in this virgin blog,” Bridglalsingh added.
He further noted that the Buenos Aires block is very unusual in that it is a relatively undrilled block in what is a very mature basin environment.
“As it is proposed to be an exploration and production licence, we expect better commercial and stronger legal terms than our existing onshore sub-licenses, we are planning to fast-track the first exploration well in Buenos Ayres in the next 12-18 months, subject to to obtain environmental approvals,” he said.
Bridglalsingh further added that the company’s Jacobin well, which is targeting a deep Miocene play target in the Palo Seco area, will be invaluable in gathering data to further refine the geological model, with a direct relationship with Buenos Aires.
“Our strong commitment to Buenos Ayres demonstrates our intent to quickly exploit our competitive advantage in the Trinidad land with opportunity material for Trinity and where initial drilling success can be quickly followed by a step to production operations,” he said.
The company began drilling the Jacobin well in mid-May targeting a total depth of 9,800 feet, which will make Jacobin the deepest onshore oil well drilled in the Palo Seco area in more than a decade
“Following the positive fiscal changes last year, the success of this licensing round demonstrates that the government is focused on stimulating the energy sector which we expect will continue to provide additional growth opportunities for Trinity,” Bridglalsingh concluded.
Trinity expects to be the operator of the Buenos Aires block with an 85 percent interest. Heritage Petroleum Company, the state-owned oil company, will have a 15 percent stake (held by Trinity during the exploration phase).
The block covers an area of approximately 41 square kilometers (15.8 square miles) and is located immediately west of Trinity’s existing Palo Seco WD-5/6, WD-2 and PS-4 producing blocks. The work program consists of four exploration wells and technical studies during the initial six-year license period.
Buenos Ayres contains multiple stacked target reservoirs of the Lower Forest, Upper Cruse and Lower Cruse, which are the most productive reservoirs in the southern Trinidad basin. These deposits have produced more than a quarter of a billion barrels of oil to date.
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