Enron Oil & Gas Company Secures Modified U(a) Block in Trinidad and Tobago

Strategic Insights -

Enron Oil & Gas Company, a wholly-owned subsidiary of Enron Corporation, has successfully bid for the Modified U(a) Block located off the East coast of Trinidad and Tobago. The acquisition of this 96,075-acre block is expected to provide promising opportunities for commercial development, given its geology and hydrocarbon mixtures similar to those in existing properties offshore Trinidad. EGOT and the Trinidad and Tobago Ministry of Energy and Energy Industries will soon begin negotiations on the terms of a Production Sharing Contract. As part of the initial six-year development program, EGOT will conduct a 3-D seismic survey and drill at least three wells in the first four years to evaluate the potential for future development. Forrest E. Hoglund, EOG's chairman, president, and CEO, stated that this block has a very promising potential for commercial development. EGOT is also finalizing a two-year development program for the SECC Block's Kiskadee and Ibis Fields, where it holds a 95 percent interest, and production from these fields has reached 150 million cubic feet per day of natural gas and 8,000 barrels per day of crude oil and condensate.

Key Takeaways:

  • Enron Oil & Gas Company has successfully bid for the Modified U(a) Block, a 96,075-acre area located off the East coast of Trinidad and Tobago.
  • The block's geology and hydrocarbon mixtures are similar to those in existing properties offshore Trinidad, providing promising opportunities for commercial development.
  • EGOT will conduct a 3-D seismic survey and drill at least three wells in the first four years to evaluate the potential for future development.
  • EGOT holds a 95 percent interest in the SECC Block's Kiskadee and Ibis Fields, with production rates of 150 million cubic feet per day of natural gas and 8,000 barrels per day of crude oil and condensate.
  • Forrest E. Hoglund, EOG's chairman, president, and CEO, stated that the block has a very promising potential for commercial development.
  • EGOT will dedicate all current natural gas production from the block to the National Gas Company of Trinidad and Tobago for its domestic customer base.
  • The acquisition of the Modified U(a) Block is expected to further expand Enron Oil & Gas Company's extensive assets and operations in the region.

Statistics:

  • 96,075-acre area of the Modified U(a) Block acquired by Enron Oil & Gas Company.
  • 3-D seismic survey to be conducted on the acquired block.
  • Three wells to be drilled in the first four years to evaluate the potential for future development.
  • 150 million cubic feet per day of natural gas produced from the SECC Block's Kiskadee and Ibis Fields.
  • 8,000 barrels per day of crude oil and condensate produced from the SECC Block's Kiskadee and Ibis Fields.
  • 95 percent interest held by EGOT in the SECC Block's Kiskadee and Ibis Fields.

Sources:

  • Enron Oil & Gas Company press release (1995)
  • Enron Oil & Gas Company (CO: Enron Oil & Gas Company)
  • Contact: A. H. Davis of Enron Oil & Gas Company