Repsol YPF's board of directors met for the first time Jan 26, 2004, in Trinidad & Tobago, underscoring the company's interest in the country.
Alfonso Cortina, chairman of the board, told T&T authorities that Repsol is interested in boosting its investments in Trinidad & Tobago. "For Repsol YPF the development of businesses in Trinidad & Tobago has been a good decision and we are firmly decided to continue increasing our investments in this country," he said.
Cortina confirmed that Repsol will take part in the tender offer on the exploration of two offshore blocks. Winning the concession would allow Repsol to increase hydrocarbon production beyond the 120,000 boe/d currently produced.
T&T plays a significant role in the company's strategy for LNG growth. Repsol has net proven reserves of 879 MMboe, and plans to increase production 44% per year through 2007.
When T&T's fourth LNG train comes onstream in 2005, gas contracted by Repsol in the country will reach 7 bcm, nealry all of which will be marketed in the United States and the Caribbean.
Repsol now sells 5 bcm/yr of LNG within the Carribean and to the US.