Bayfield Energy to explore off Trinidad

Bayfield Energy Trinidad has signed an agreement with State-owned Petrotrin to explore and produce an estimated 40 to 50 mm barrels of hydrocarbons from Galeota Point, Guayaguayare. The company is hopeful that it will discover oil and gas deposits over a five year period, its chief executive officer Simon Gill said.
Gill was speaking at a business luncheon hosted by the South Trinidad Chamber of Industry and Commerce at Cara Suites Hotel, Claxton Bay.

Gill told the gathering that at present there were only 21 out of 62 wells at the Galeota Point which were functional. According to him there were some problems at some of the platforms.
"We are in the process of doing an assessment to deal with problems such as rusty platforms. A lot of the equipment does not function and there are high transportation costs, among other things. An engineering study is going on right now so we can put in place programmes to bring these platforms up to international standards," Gill said.

Bayfield Energy was also endeavouring to focus on the development of small businesses within the Mayaro/Guayaguayare area so that the community would not be left out during the exploration phase. Adding that work was already underway to fully explore oil-producing reservoirs, Gill said the company was using speed boats to ensure productivity at a faster pace and effect repair works on the non-functional platforms.
Speaking to reporters after the luncheon, Gill said in the 1970s the company discovered oil but, at that time, was not in the economic position to develop the find.

He said the company did map out the area and according to calculations, believe there could be in the region of approximately 40 mm barrels of hydrocarbon just waiting to be discovered and produced.
"That was just about 40 mm so we are trying to come up with an economical development plan for that oil. Also in the prospects for exploration we see the potential of 40 to 50 mm barrels to be rediscovered. That doesn't mean it's there, we are looking and hoping that it is there," Gill said.