Energy giant BHP Billiton has taken a leap of faith in the potential of the country’s largely untested deep water acreages, committing up to investing US$1 billion to exploration.
“BHP Billiton is very optimistic about our business here in Trinidad and Tobago, as it remains an important part of BHP Billiton’s global petroleum portfolio. By entering this new deep water exploration phase, BHP Billiton has committed to over US$500 million for the first exploration phase and about a further US$500 million over the optional phases. We believe deep water, though largely untested in Trinidad and Tobago, has tier 1 potential,” country manager Vincent Pereira said on Day Two of the Energy Conference yesterday at the Hyatt Regency (Trinidad), Port of Spain.
Pereira said the company was banking on its belief in the “world class source rock” comprising the acreage, its relationship to the Orinoco River system and the great possibility that it holds significant traps of hydrocarbons.
He said the company will start its 3D seismic survey later this year, and will likely drill its first well in 2016. ..READ MORE