News listings

energy-pedia farmouts/divestments

Trinidad flagTrinidad

South America / GoM >>> Trinidad

Trinidad: Trinity Exploration receives approval for Galeota FDP


25 Nov 2021

Photo - see caption

Trinity Exploration & Production has received approval for the Field Development Plan ('FDP') for the Galeota Asset Development ('GAD') Project from the Ministry of Energy and Energy Industries ('MEEI'). The comprehensive and relatively quick approval by the MEEI review team, against the background of the pandemic, is extremely helpful and provides a suitably matured development concept which can be reviewed by potential funding partners as part of the farm-down process.

The FDP is focused on the Phase 1 development of the Galeota licence, which has the potential to add additional peak production of c4,000 bopd on the submitted development concept. More recent dynamic modelling has indicated that intra-year peak production could be significantly higher, at up to 7,000 bopd.

As previously stated, the FDP development concept comprises the installation of a low cost eight well conductor supported platform ('Echo'), a new pipeline from Echo to shore, with the existing Trintes platforms tied in, and 'T' sections installed for the potential development of TGAL NE (Foxtrot) and Trintes SW (Golf) areas in the future. The contingent resources estimated to be developed as part of the Echo development concept are facilities constrained, due to large volume of oil initially in place, so - in parallel with progressing the farm down - Trinity is working on both a 10 and 12 well slot platform development solution.

It is expected that Echo would be powered from shore with tiebacks to the existing Trintes platforms. As there is no offshore power generation planned (i.e. no diesel and no generators), and given that the platforms will be unmanned, the development would have a nominal carbon footprint when compared to standard offshore developments.

It is also worth noting that a large proportion of Trinity's total tax loss position (cUSD 165 million of USD 237 million as at YE 2020) can be applied to the Galeota field development, which further underpins its economics.

The Company's focus in relation to the Galeota asset development, during the remainder of Q4 2021, will be to work with its adviser to commence a formal marketing process for a farm-down which encompasses the current Trintes Field production, the Echo Field Development and the Foxtrot and Golf appraisal areas.  The process is expected to commence during December with a duration of approximately six to nine months. We will keep the market updated as the farm-down process progresses.

Photo - see caption

Jeremy Bridglalsingh, Chief Executive Officer, commented:

'We would like to thank the MEEI for their comprehensive and speedy response to our FDP submission. Their approval is a critical milestone as we move towards a Final Investment Decision ('FID').  The next milestone on the critical path is to commence the farm-down process in early December.  The Competent Person's Report will be finalised in advance of this process, and will form a key assurance document within our Data Room.

'We are pleased by the feedback from the MEEI as to the quality of the FDP submitted, and are encouraged by their view to consider increasing the facility size to increase the recoverable reserves.

'We are continuing to work assiduously on a number of fronts as we move towards FID at the earliest opportunity and are extremely excited by the potential of this development. We believe that the quality of the asset and project maturity, the potential for meaningful fiscal incentives for the sector and the applicability of a significant proportion of our tax losses to Galeota make it a highly attractive opportunity.

'Furthermore, the agreement of a new 25 year Licence earlier this year, and the associated improvement in the commercial terms governing Galeota, were crucial milestones that should further enable Trinity to attract funding partners as part of a farm-down process and move towards a FID.'

Original article link

Source: Trinity Exploration and Production





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 351

Completed Deals

Completed Upstream Deals: 6199

Company Profiles

Current Company Profiles: 2806

Corporate Activity

Current Corporate Activity articles: 3810

Companies Looking

Current number of articles: 448

Company Sales

Current Company Sales articles:1502

Geostudies

Current Geostudies articles: 825

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Borchwix
KL Publishing
Bayphase
Government of South Australia
SLR Consulting logo
OPC
Syntillica
Union Jack Oil 149
energy365
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com