New oil find very encouraging

Petroleum consultant, Dr Krishna Persad (Photo courtesy Newsday.co.tt)

April 23, 2012

The new 48 million barrel oil discovery is “very encouraging” given the area in which the discovery was made, so says Petroleum consultant, Dr Krishna Persad. 

At March 29 Petrotrin president-designate, Khalid Hassanali announced that the find, a mixture of heavy and light crude oil, was discovered in Cluster 6 of the Soldado Fields in the Gulf of Paria.

The find has been dubbed the Jubilee Discovery in commemoration of Trinidad and Tobago’s 50th year of Independence.

Persad, who predicted the oil would be found in several parts of Trinidad which had already been sites of significant oil finds, said the new discovery served to confirm his prediction and that the new discovery was an “extension” of an existing field.

“If the reports are accurate, it could be significant given the ratio of light to heavy crude,” he said, adding that heavy oil was “more difficult” to extract from the ground although the find was in relatively shallow water.

“If there is enough light oil, it could help increase production but this would depend on the ratio of light to heavy oil,” he explained.

He also said there was significant potential for new finds given the new structures that were being used to locate the oil and this new find could be an extension of a known field. He said the use of 3D Seismic technologies by Petrotrin would also increase the company’s reserve capacity with new discoveries.

Article courtesy www.newsday.co.tt