Conoco awarded Trinidad and Tobago's offshore blocks

Jul 14, 1997 02:00 AM

June 25, 1997 Conoco has been awarded two exploration contracts for offshore blocks east of Trinidad. Production sharing contracts for the two projects were signed today in a ceremony in Port of Spain. The two blocks combined, referred to as 4a and 4b, cover approximately 300,000 acres and are in water depths ranging from 200 to 2,500 feet.
J. Michael Stinson, Conoco's vice president for business development. "Conoco currently holds a 41-% interest in Phoenix Park Gas Processors, a world-class gas processing plant in Trinidad through a joint venture with the National Gas Company of Trinidad and Tobago and Pan West. We are looking forward to extending our relationship into exploration activities."
The exploration commitment for the two blocks includes a comprehensive work program consisting of 3-D seismic and two exploratory wells. Seismic work on both blocks will begin in July. Conoco expects to spend in excess of $ 50 million to fully evaluate the blocks through seismic and drilling.
"Conoco hopes to become a major investor in the Trinidadian petroleum industry," Stinson added. "We believe there is significant potential in the deep waters off Trinidad and Tobago and Conoco brings proven expertise to the project with our leadership in tension leg platform technology and deepwater exploration, which is currently being applied to the construction of two ultra-deepwater drillships. These drillships will be capable of drilling in 10,000 feet of water and will be used in the Gulf of Mexico and around the world."
In addition to these contracts, Conoco and other international oil companies are awaiting confirmation of bids placed earlier this year on deepwater blocks in the Atlantic, east of Trinidad. Conoco participated in bids for three of these blocks.

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