Sinoc-Sinopec's 2009 acquisiton of the assets of Canadian player Talisman Trinidad was part of the Chinese consortium's decision to go worldwide to meet China's huge demand for oil. So said Qisheng Tang, deputy general manager of SOOGL Antilles (Trinidad) Ltd SOOGL stands for Sinopec Offshore Oil and Gas Ltd. In an interview at a luncheon the Energy Chamber hosted for SOOGL at Cara Suites hotel, Claxton Bay, yesterday, Tang said Sinopec International Petroleum Exploration and Production Company (SIPC) decided to go worldwide to acquire production because China needs seven billion barrels of oil a year.
Tang said Sinopec alone produces 284 million barrels of oil, but that's not enough for China's total oil requirement. He said SOOGL, which is based in Maraval, is looking to invest US$1 billion in the short term. "Talisman presented the opportunity to provide production," said Tang, in the company Fazal Hosein, senior geologist with SOOGL Antilles (Trinidad). In 2009, SOOGL purchased Talisman's local assets for an estimated US$323 million. "We're looking at two wells at US$30 million per well minimum, and, if we find oil, we will have to come up with a development plan to set up production facilities and pipeline facilities," Hosein said.
The company currently holds:
�2 a 25 per cent non-operating interest in the Angostura development area of block 2(c)
�2 a 36 per cent interest in the block 2(c) Howler assessment area
�2�a 26 per cent interest in the Greater Ruby-Delaware appraisal area of block 3(a) and,
�2 a 40 per cent interest in the exploration area of block 3(a)
Hosein explained that Primera East Brighton Ltd, which has a 70 per cent share in the East Brighton block, allowed SOOGL to farm in 45.5 per cent of the block. In so doing, SOOGL has acquired 113 square kilometres of 3D seismic.
The East Brighton block, operated by SOOGL, is located between the Brighton Marine block, which is owned by Ten Degrees North, all the way to San Fernando and south of Claxton Bay.
