Caribbean News Now!

About Us Contact Us

Countries/Territories

Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.

Contribute

Submit news and opinion for publication

Subscribe

Click here to receive our daily regional news headlines by email.

Archives

Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin



News from the Caribbean:


Back To Today's News

New 40 million-barrel oil discovery offshore Trinidad
Published on July 7, 2014 Email To Friend    Print Version

By Caribbean News Now contributor

PORT OF SPAIN, Trinidad -- Spanish oil company Repsol has announced the discovery of 40 million barrels of oil in its Trinidad and Tobago offshore acreage.

This oil is already on production and is adding to overall national oil production. The latest discovery is the fifth in the last two years and comes after discoveries by Petrotrin, Bayfield (now Trinity) and BP in 2012 and by Trinity in late 2013.

These discoveries are premised on a significant increase in exploration and development activity in both land and marine acreages over the last three years. This is also reflected in the record levels of foreign direct investment that the energy sector has experienced in the period 2011 to 2013.

These trends signal a resurgence of the upstream component of the national energy sector. The net result is an arresting of the decline in oil production, which declined sharply from 2006 to 2012.

According to Energy Minister Kevin Ramnarine, in the past four years, the government has created an enabling environment for this level of investment through the introduction of a suite of fiscal incentives for companies operating in the oil and gas industry.

At present there are eight rigs working in the waters of Trinidad and Tobago. This compares to one rig working in Trinidad and Tobago’s waters in mid-2010. Two of these eight rigs are currently working for Repsol.
 
Reads: 2812





Click here to receive daily news headlines from Caribbean News Now!



Back...

Comments:

No comments on this topic yet. Be the first one to submit a comment.

Back...

Send us your comments!  

Send us your comments on this article. All fields are required.

For your contribution to reach us, you must (a) provide a valid e-mail address and (b) click on the validation link that will be sent to the e-mail address you provide.  If the address is not valid or you don't click on the validation link, we will never see it!

Your Name:

Your Email:

(Validation required)

Comments:
Enter Code



Please note that, if you are using an AT&T domain email address, e.g. att.net, bellsouth.net, sbcglobal.net, the verification email will likely not be delivered. This is outside of our control and the only remedy seems to be for readers to complain to AT&T





Disclaimer
User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.



Other Headlines:



Regional Sports: