In announcing a US $200 million investment in Trinidad this year, energy giant Repsol's Luis Polo, said they are set to explore their East Coast fields in which exists 25 million barrels of crude oil reserves.
Polo, the company's business unit director, was the keynote speaker at the Energy Chamber of T&T luncheon at Cara Suites Hotel, Claxton Bay, yesterday. Interviewed after his address, Polo said his company would be engaging in exploration activity in its mature Teak, Poui and Salmon (TPS) fields where they had some 25 million barrel reserves.
Polo said, "Our intention is to explore what is remaining in the existing fields in TSP by having a very comprehensive sub-surface tally and besides that we are looking into other prospect fields which are inside the existing TSP fields, that if economical might be an option, as well, to be produced."
Earlier in his address, Polo revealed that this year US $600 million will be injected into several projects in the Caribbean with more than a third of that amount invested in Trinidad.
Polo said the company had three major business units in Trinidad, Venezuela and Colombia.
In addition, he said, they had exploration activity in Surinam, Guyana and Cuba. However, he said, their main assets are in this country, their regional headquarters, where they had been in existence for 15 years, five of which involved operating in TPS. He said thus far the 40 year old TSP field has produced 830 million barrels of oil.