Eureka! BP Finds Large Gas Field Off Trinidad

BP yesterday said it has found the largest gas field to date offshore Trinidad and Tobago, which has become a major source of liquefied natural gas for the U.S. market. BP's initial well on the Red Mango field, located 35 miles east of Galeota Point, indicated 3 Tcf of gas reserves and about 90 million bbl of condensate. It's BP's second major gas find in the area this year. The company said it would shortly begin appraisal work to define the exact size of the find.

BP also reiterated its strong drive to grow its North American gas position, as part of a three-year target --- first outlined in July --- to grow worldwide gas production by 8-10% per year. It plans to spend $1.5 billion/year to find and develop North American gas. Its overall exploration and production spending in the U.S. and Canada over the next three to four years is expected to total $3 billion a year.

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