BP yesterday said it has found the largest gas field to dateoffshore Trinidad and Tobago, which has become a major source ofliquefied natural gas for the U.S. market. BP’s initial well on theRed Mango field, located 35 miles east of Galeota Point, indicated3 Tcf of gas reserves and about 90 million bbl of condensate. It’sBP’s second major gas find in the area this year. The company saidit would shortly begin appraisal work to define the exact size ofthe find.
BP also reiterated its strong drive to grow its North Americangas position, as part of a three-year target — first outlined inJuly — to grow worldwide gas production by 8-10% per year. Itplans to spend $1.5 billion/year to find and develop North Americangas. 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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