New oil find in Trinidad

There is good news this week for the people of Trinidad and Tobago. The Amoco Trinidad Oil Company has announced a record petroleum find some thirty five miles southeast of the main island. Company officials say that the discovery, which they estimate at between forty and seventy million barrels, is the biggest in twenty five years. The T.T.T. has more details.

The oil discovery was made during drilling on the Imortelle number nine well in Amoco’s Imortelle Field. The company found two zones containing high quality oil. The discovery will boost Amoco’s current output of oil and enhance its position as the country’s largest oil producer. Amoco’s president David Wight says the discovery justifies the company’s massive five billion dollar investment in local oil exploration activities. The company says its preliminary data suggests the oil could extend for several miles and the two teams have been set up to fully evaluate the potential of the find and prepare plans for its development.

Government royalties on the oil will run to several hundred million U.S. dollars over the life of the field.