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LONDON (Alliance News) - Trinity Exploration & Production PLC said on Monday it has submitted the first phase of its Field Development Plan for the TGAL area, on the Galetota block, offshore Trinidad, to the Ministry of Energy and Energy Industries.
The first phase is contemplating the installation of a low cost 10-well conductor supported platform, the installation of a new generation thermoplastic composite subsea export pipeline, laying a subsea power cable for offshore power and the drilling of horizontal production wells.
The development of these assets are expected to underpin Trinity's medium-term onshore and offshore production target of around 7,500 barrels of oil per day.
The Galeota block currently contains an estimated total stock tank oil in place of 700 million barrels, within which the TGAL development area is contained. The TGAL area itself is estimated to contain gross STOIIP of 186 million barrels.
The first phase field development plans to produce 14.5 million barrels by drilling up to ten development wells, with first oil being produced by the first half of 2022 and production expected to peak at 5,800 barrels of oil per day by year two.
At the final investment decision, these resources will be classified as prove and probable reserves leading a 40% uplift in Trinity's current 2P reserves of 23.2 million barrels.
The Final Investment Decision is being targeted for the first half 2020, by which time the optimal mechanism for financing the development will have been agreed between all shareholders.
"The submission of the first phase FDP is a major milestone on the journey towards first oil from the TGAL area. Against the backdrop of falling black oil production in Trinidad, Trinity believes that this development would be a key enabler with respect to; direct and indirect local employment, to the generation of revenue and in the ultimate aim of maximising reserves recovery for all stakeholders," said Executive Chairman Bruce Dingwall.
Shares in Trinity Exploration & Production were up 1.1% at 15.92 pence on Monday.
