Concerns over Petrotrin’s ‘poor’ $300m seismic survey

 

Sources at the company told the Business Guardian there is little the company can benefit from the seismic because it was not shot with the “right bin size nor the right charge.” The sources say: “The plan was for the company to shoot new seismic in areas from Palo Seco, to Point Fortin to Oropouche so that we could see if there was anything deeper. We were looking for structures or traps. We were looking for structures or traps. We were seeking to find out if there was any pay that we had bypassed or if there was reservoir continuity. In other words, we also wanted to clearly define our reservoirs.”

 

Faced with the poor seismic, the sources say Petrotrin will now have to spend more money to try and enhance the data in a technique called prestack depth migration. Prestack depth migration (PSDM) is a key seismic technology for improving oil discovery in global oil exploration, especially where geological heterogeneity such as salt domes and fault complexity prevent optimal seismic imaging.

PSDM is a model-based seismic imaging methodology that works well for complex geological structures, such as subsalt layers and basement fractures. It is more expensive and time consuming, but is more likely to precisely determine the structure of oil and gas reservoirs. Hosein insisted that the company did not waste its $300 million and that the seismic was good, particularly for the shallower horizons. “It is not true to say that Petrotrin misspent the money. The quality of the seismic was good and there will be a need for additional work, but that is not extraordinary.” He added: “Now that we know what the shallow is like, we will have to use more specific types of surveys so we can go more readily after the deeper horizon.”

 

Unplanned shutdowns 

At last week’s Energy Conference, Energy Minister Kevin Ramnarine said the decline in oil production was the most worrying aspect of the energy sector. He acknowledged that oil production has been in decline since 2006, and that in 2011, crude production, inclusive of condensate production, averaged 92,000 barrels per day. “Oil production in the year 2011 was hampered by planned shutdowns, unplanned shutdowns and maintenance activity. Any gains in Government revenue that could be realised as a result of increased oil prices are being negated by falling production.”

 

Ramnarine said for the country to meet its objectives of increased oil production, it needs to have at least five land rigs drilling simultaneously in 2013. He said this was not at all farfetched and was achievable. Ramnarine said the main player in any strategy to increase national oil production is Petrotrin. He noted the licence for Trinmar for the Soldado area, in the Gulf of Paria, will expire in July 2012. “This is a once in a lifetime opportunity to get things right in Trinmar where much of the potential for increasing oil production resides. It is time for bold, innovative and game-changing decisions.” He said the ministry was waiting for the completion by Petrotrin of the processing of the 3D seismic data acquired from 2010 to 2011. The ministry believes this holds the key to unlock resources in the deep horizons on land and will lead to a drilling campaign on land in 2013.  

 

ENERGY REPORTER