NEWS

Repsol adds gas to Trinidad LNG stakes
Madrid, July 19, (LNG Journal)
- Repsol, the Spanish oil and gas company, said Tuesday it had exercised a $229 million buy option for the purchase from British major BP of one gas field and three oil fields off the southeast coast of Trinidad & Tobago.

Repsol said it will purchase the Onyx gas field, which has reserves estimated at 174 million barrels of oil equivalent that could be classified as proven, probable or possible.

The Spanish company also has stakes in three liquefied natural gas liquefaction trains in the Atlantic LNG project in Trinidad & Tobago, where a fourth LNG train is expected to come on line this year.

Repsol currently holds a 20 percent stake in Atlantic LNG train one, and 25 percent in trains two and three. Before the end of the year, the fourth LNG train is scheduled to start up. Repsol holds a 22.2 percent stake in the fourth train.

Investment in the Trinidad & Tobago oil fields and the development of the gas field will be around $500 million through 2025, Repsol said in its statement.

The Trinidad & Tobago State oil company, Petrotrin, will purchase a 15 percent stake in Repsol's acquisitions from BP, the statement added. The transaction is also subject to the approval of the Trinidadian government, which holds an option to buy 15 percent of the fields itself or through a nominee.

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