BP Trinidad & Tobago (bpTT) today announced that it has made two significant gas discoveries with the Savannah and Macadamia exploration wells, offshore Trinidad. The results of these wells have unlocked approximately 2 trillion cubic feet (tcf) of gas in place to underpin new developments in these areas.
The Savannah exploration well was drilled into an untested fault block east of the Juniper field in water depths of over 500 feet, approximately 80 kilometres off the south-east coast of Trinidad. The well was drilled using a semi-submersible rig and penetrated hydrocarbon-bearing reservoirs in two main intervals with approximately 650 feet net pay. Based on the success of the Savannah well, bpTT expects to develop these reservoirs via future tieback to the Juniper platform that is due to come online mid-2017.
The Macadamia well was drilled to test exploration and appraisal segments below the existing SEQB discovery which sits 10 kilometres south of the producing Cashima field. The well penetrated hydrocarbon-bearing reservoirs in seven intervals with approximately 600 feet net pay. Combined with the shallow SEQB gas reservoirs, the Macadamia discovery is expected to support a new platform within the post-2020 timeframe.
“This is exciting news for both bpTT and the industry, as these discoveries are the start of a rejuvenated exploration program on the Trinidad shelf,” said Norman Christie, Regional President for bpTT. “We are starting to see the benefits of the significant investment we have made in seismic processing and Ocean Bottom Seismic acquisition. Savannah and Macadamia demonstrate that with the right technology we can continue to uncover the full potential of the Columbus Basin. This is a testament to bpTT’s ongoing commitment to the development of our Trinidad and Tobago operations and the wider industry, and we look forward to the future portfolio drill-out.”
BP Trinidad and Tobago has a 100 percent working interest in Savannah and Macadamia.
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In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), BP is providing the following cautionary statement. This press release contains certain forward-looking statements concerning BP’s gas discoveries with the Savannah and Macadamia exploration wells, including the volume of gas in place, future exploration programs, the full potential of the Columbus Basin and the future portfolio drill out. Actual results may differ from those expressed in such statements, depending on a variety of factors including changes in public expectations and other changes to business conditions; the timing, quantum and nature of divestments; the receipt of relevant third-party and/or regulatory approvals; future levels of industry product supply; demand and pricing; OPEC quota restrictions; PSA effects; operational problems; regulatory or legal actions; economic and financial conditions generally or in various countries and regions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; exchange rate fluctuations; development and use of new technology; the success or otherwise of partnering; the actions of competitors, trading partners and others; natural disasters and adverse weather conditions; wars and acts of terrorism, cyber-attacks or sabotage; and other factors discussed under “Risk factors” in our Annual Report and Form 20-F 2016.
This press release contains references to non-proved resources and production outlooks based on non-proved resources that the SEC's rules prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262. This form is available on our website at www.bp.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or by logging on to their website at www.sec.gov.