Spain's Repsol bids on Trinidad and Tobago blocks

Tuesday, January 27, 2004

MADRID, Spain: Spanish oil major Repsol said on Monday it had bid on two natural gas blocks in the seas off Trinidad and Tobago in an attempt to meet future production targets in the Caribbean nation.

According to Reuters, Repsol currently extracts the equivalent of 120,000 barrels per day of natural gas from Trinidad and Tobago, about 10 percent of its global production.

"(Chairman) Alfonso Cortina confirmed that Repsol YPF is participating in the bidding called by the government of Trinidad and Tobago for the exploration of two blocks," the company said in a statement.

By 2007, Repsol aims to increase its current production in Trinidad and Tobago 44 percent, in part to diversify production from Argentina, where it extracts about 70 percent of its oil and gas.

Repsol currently operates in Trinidad and Tobago in partnership with BP, British Gas and Tractebel, a unit of Suez. 

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