New Wave Media

July 3, 2014

Repsol Makes Oil Discovery in Trinidad and Tobago

Repsol has discovered an oil reserve estimated at 40 million barrels of oil equivalent in the waters off the Caribbean islands of Trinidad and Tobago, to the west of the island of Trinidad, the company said in a statement on Thursday.

The reserve has produced 1,200 barrels of high quality oil in tests and is ready for commercial production, the oil major said.

Repsol has been exploring in Trinidad and Tobago for nearly 20 years. It has rights on seven offshore sites in the region. The Spanish company's oil reserves around the islands totalled 325.3 million barrels of oil equivalent at the end of 2013.

(Reporting By Sonya Dowsett; editing by Keiron Henderson)

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