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RWE Dea Won Offshore Block from Trinidad & Tobago

Source: www.gulfoilandgas.com 4/26/2011, Location: Europe

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As a result of the 2010 shallow water bid round in Trinidad and Tobago, RWE Dea has been awarded one of the country’s offshore blocks. The respective Production Sharing Contract has now been signed with the Government of Trinidad and Tobago in Port of Spain. For RWE Dea, this marks the entry into the country with its established natural gas infrastructure in a prolific oil and gas prone region.

The NCMA2 block is situated approximately 50 kilometers off the northern coast of Trinidad. The block covers 1,019 km, and is located in water depths of 100 to 200 meters. It is on trend with the Hibiscus and Chaconia gas fields. Operational work is planned to commence in July with the acquisition of a 3D seismic survey covering the whole concession. RWE Dea's share in block NCMA2 is 24% with Niko Resources as operator holding 56% and the state company Petrotrin the remaining 20%.

“We are delighted to have been awarded our first block in Trinidad and Tobago”, said Thomas Rappuhn, Chief Executive Officer of RWE Dea AG. “The signed PSC strengthens our strategic position and secures further highly prospective exploration acreage for the company.” In its annual press conference in early April, the RWE Dea had already announced to increase its annual gas and oil production to 70 million barrel of oil equivalent by 2016. “To allow us to sustain the anticipated higher production volumes of the coming years for the long term, and to increase them, we step into new areas like Trinidad and Tobago and will expand our country portfolio even further,” Rappuhn continues. RWE Dea is today active in 14 countries through licences and branch offices. The company holds stakes in more than 170 licences and is the operator in more than 40% of them.

The engagement in Trindad and Tobago also ties in with RWE's gas strategy to strengthen the group’s business in one of the most important LNG supply countries along the Atlantic margin.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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