Trinidad

  • The Company entered Trinidad in 2011 through the acquisition of three producing onshore licences - Morne Diablo, South Quarry and Beach Marcelle
  • Subsequently, the Company acquired interests in exploration acreage on the Guayaguayare and St Mary’s licences
  • Today, the Company is the operator and majority interest holder of five blocks 
  • Clear focus on production growth through ongoing work programme: workovers, waterflood, and development drilling
  • Proved and probable (2P) reserves of 15 million barrels (FY 2019)
  • Annual production in excess of 196,000 barrels (FY2019)

LicenceWorking interestOperatorStatus and work programme
Beach Marcelle100%YesIn production. Workovers,  waterflood
Morne Diablo100%YesIn production. Workovers, waterflood
South Quarry100%YesIn production. Workovers
Guayaguayare Shallow*65%YesUnder review
Guayaguayare Deep*80%YesUnder review
St Mary’s80%YesUnder review 

*Production Sharing Contracts over the Guayaguayare have expired and are subject to final government approvals.

Waterflood overview

  • Longer-term production growth in Trinidad is expected to be driven by waterflood projects
  • 70% of the Company's 2P reserves are attributed to waterflood
  • Waterflooding is estimated to increase the total recovery factor to over 30%
  • Two waterflood projects are currently in production

Waterflood technology

  • Waterflooding is a low cost secondary production solution to increase the amount of oil that can be recovered from an oilfield. The process involves converting some oil production wells into water injection wells by injecting water into the reservoir to encourage oil production from the remaining producers
  • Most fields in Trinidad have been traditionally produced by “primary recovery”, which uses the solution gas dissolved in the oil to provide the driving force to produce the oil to surface
  • This is a cost effective way to produce initial oil, but recovers only about 15% of the oil-in-place – 85% of the oil remains in the reservoir
  • Waterflooding can recover at least a further 10% of the oil-in-place
  • Texaco used this technique successfully in parts of the Beach Marcelle field in the 1950s/1960s
  • The technique has been used in many onshore fields in regions with a long history of oil production, such as USA, Middle East, China, Latin America