T&T: BP finds new oil off the east coast

With Trinidad and Tobago's economy buoyant due to high crude prices and natural gas production the country yesterday learnt of more good news as BHP Billiton announced it had made another potentially major oil discovery, this time in its block 3a off the East coast.

According to reports out of Australia where the company has its headquarters, the discovery was made in its Puncheon 1 well which found 60 net feet of oil column.

When the well was tested it flowed at 4,443 barrels of oil per day using a 40 to 64 inch choke.

BHP Billiton and its partners say they are excited about the possibilities raised by this discovery but could not at this time say if the field would be as large as the one it discovered just south of Block 3a where it has 300 million barrels of oil in place and from which it will start producing 75,000 barrels per day beginning in December.