Repsol YPF purchased three oil fields and one gas field offshore Trinidad & Tobago. This purchase places the company among the ranks of the main producers of oil and gas in the Caribbean.
Currently, the oil fields produce 20,500 boe/d. Production facilities include three platforms, 10 drilling satellites, and one compression satellite. Plans are in place to develop the Onyx gas field.
Repsol YPF currently produces in Trinidad & Tobago through its 30% participation in BPTT, 120,000 boe/d gas liquefying plant. In 4Q 2005 the fourth train is scheduled for startup. This train has the largest capacity in the world, according to Repsol, which holds a 22.22 % stake.
Petrotrin, Trinidad & Tobago's state oil company, will purchase a 15% stake in the licenses. Petrotrin produces 85,000 boe/d from its onshore and offshore assets in Trinidad and exports about 80 MMcf/d as LNG.