joint ventures update

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JOINT VENTURES EXPLORATION UPDATE

INTRODUCTION
The year 1990 witnessed the initiation of petroleum exploration by several joint ventures in blocks on land Trinidad and offshore Trinidad and Tobago. These partnerships are the direct and indirect results of the 1987 and 1989 Competitive Bidding Orders.

The 1987 Competitive Bidding Order invited bids on three marine blocks; these being, Block S-l1, Lower Reverse "L" Shaped Block and the "U" Shaped Block. The first two blocks were awarded to Mobil/Trintopec and Pecten/Trintoc respectively. Discussions on exploration of the"U" Shaped/Omega Block between Government, the local oil companies and Total are on-going.

The 1989 Competitive Bidding Order invited bids on 4 marine blocks; Blocks 89/2, 89/3, 89/4 and 89/5. Bids were received on the first two blocks from BHP and UNOCAL respectively.

Government is presently conducting negotiations for the exploration of these blocks. It anticipated that government will re-offer the last two blocks for exploration at a later date.

Concurrent with the proclamation of these biding orders, the state oil companies and Government studied the feasibility of the exploration of the deeper horizons on the land and the terms to be attached to this venture. They then entered into negotiations with foregoing oil companies to explore the deeper geologic formations onshore South Trinidad, including the Central Range. These negotiations were successfully completed and resulted in the formation of a joint venture partnership between the state companies, Exxon, Chevron and Total to explore 740,000 acres.
Interest has been shown by several companies, including Anderman/ Smith and K.Persad & Associates in carrying out exploratory work in the Caroni Basin. Government is currently pursuing this venture.

Listed below are the exploration results obtained in 1990:
Lower Reverse "L" Shaped Block
The Trintoc (50%) 1 Pecten (50%) joint venture acquired 3881 line km of 3D seismic and 51 line km of 2D seismic in the block. A 204 km hazard survey was also performed over the Sherzando/Pamberi location for well setting purposes. The first of two obligatory wells was spudded on April 27, 199l. PAMBERI 1

Block S-11
Trintopec (30%) / Mobil (70%) collected and processed the following geophysical data within the block.
l A 1511 line km Shallow Sparker Hazard Survey.
2. A 1077 line km 2D seismic survey. These data are presently being interpreted. In 1990 the Mobil Search employing dual cable and dual source acquired 35,071 km of subsurface CDP 3D seismic data. These data are still being processed. The first exploratory well will be spudded in the last quarter of 1991.

SOUTHERN BASIN CONSORTIUM
The participating interest of the consortium are: Exxon- 20%, Chevron- 14.5%, Total- 14.5%, Trintopec-25.5% and Trintoc- 25.5%.

The SBC, whose minimum work program over 5 years (start-up date April 1, 1990) requires:
I. An integrated basin study.
2. 900 km of regional seismic and gravity.
3. An additional 300 km of detailed seismic.
4. Drilling of 4 exploratory wells. And in the event of a discovery,
5. Drilling of 2 appraisal wells.

Commenced its data collection phase in March 1990 and its geophysical data collection in May 1990. At the end of 1990 the following results were achieved:
1. Local data collection was completed.
2. Seismic data were selected for reprocessing and testing conducted.
3. The data interpretation phase of the basin study was transferred to Exxon Houston offices.
4. 58 km of seismic and 130 km of gravity were recorded.
5. 64l4 flight line km of aeromagnetic data were collected.

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THE GEOLOGICAL SOCIETY OF TRINIDAD & TOBAGO
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