In T&T: Bayfield boss: Offshore discovery ‘promising’

16 March 2012

Bayfield discovery afterglow as CEO, PM reflect on “major, major find.”

Bayfield Energy CEO, Hywel John, yesterday described the discovery of oil and natural gas in the Galeota block, which is located off the south-east coast of Trinidad, as “promising” and a “very important first step” in the independent energy company rolling out its programme for exploration in T&T. Speaking in a telephone interview from London, where the company is based, John said the discovery confirmed the potential of the Galeota block and “added greatly to the company’s confidence of likely success of the rest of the exploration programme.” The company discovered oil and natural gas with its first exploration well, called EG8, and as part of its exploration programme is committed to drilling seven wells by 2015.

In a news release issued this week, Bayfield Energy said: “Management believes that EG8 has demonstrated development potential of 32 million barrels of oil and 69 billion standard cubic feet (Bscf) of gas in the EG2/EG5/EG8 Central and East fault blocks.” The company said that analysis of the data collected by the well indicated light oil and good quality reservoir with production potential of over 1,000 barrels of oil per day. John said that the discovery endorses the Bayfield Energy’s confidence in the Galeota block and endorsed, as well, Petrotrin’s strategy of farming-out the exploration of the block. Bayfield is the operator of the Galeota Licence area holding a 65 per cent interest, with Petrotrin holding the remaining 35 per cent. The energy executive said the company’s “aspiration” was to achieve first production from the block by 2015, when it is due to complete its exploration programme. The 2015 timeline would depend on Bayfield’s ability to access third party facilities, he said.

In the statement, the company said that initial interpretation suggested that “substantially all of the gas potential lies within the Galeota Licence though the oil potential extends into an adjacent licence in which Bayfield has no participating interest.” Asked to explain that comment in the news release, John said Bayfield started discussions with the operators of neighbouring blocks and is hoping for collaboration with those operators, which include Repsol, Moraven and Sonde Resources. The company hopes to complete drilling the second exploration well by May at which point it will gain a “clearer view of the development potential and prospectivity of the Galeota area.” Meanwhile, speaking on Wednesday night following her return from Panama, Prime Minister Kamla Persad-Bissessar described the discovery of oil and gas at Galeota by Bayfield Energy as “a major, major find for Trinidad and Tobago.” Persad-Bissessar congratulated Bayfield Energy on its discovery.

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