00:00In a press statement, the Ministry of Energy and Energy Industries says it welcomes news of the successful completion of appraisal operations for Parenco TNT Ltd.'s Onyx Field with gas-bearing sands encountered.
00:14Gas-bearing sands refer to sedimentary rocks, generally sandstone, containing pockets or pore spaces filled with natural gas.
00:21And the appraisal process in oil and gas pertains to determining the size of the oil or gas field and how to develop it most efficiently.
00:31The appraisal drilling began on January 17, 2025, where two wells were drilled at depths of 4,838 feet and 4,780 feet.
00:43The Energy Ministry says thick gas-bearing sands were discovered at all areas of interest and subsurface data have been collected from both wells.
00:52According to the Ministry, the plan now is to use the information to refine geological and reservoir models with the ultimate aim of defining the in-place gas volumes.
01:03Parenco is operating the Onyx Field, which is located in the Columbus Basin between the Teak and Pui fields, with a 70% working interest.
01:11The Ministry says, quote,
01:13The next steps involve evaluation of the findings by Parenco to guide future development considerations, which will be discussed collaboratively with the Ministry of Energy and Energy Industries and all relevant regulatory stakeholders.
01:27The Ministry views these findings as a very positive development for Trinidad and Tobago's energy sector,
01:33as we continue to work with stakeholders such as Parenco to maximize the production of our natural resources for the benefit of the citizens of the Republic of Trinidad and Tobago, end quote.
01:46Parenco has stated that it is proud of the discovery, adding that the aim was to prove sufficient gas reserves to unlock field development.
01:53The company's general manager, Greg Wardy Corsell, is quoted as saying,
01:58The well findings are testimony to the hydrocarbon potential which remains in the TSP acreage and highlights Parenco's commitment to provide future supplies of natural gas to Trinidad and Tobago, end quote.
02:12When news of the find was announced on May 14th, former Energy Minister under the People's National Movement Administration, Stuart Young, took to his Twitter page to congratulate Parenco.
02:23Young said, quote, unquote,
02:25This was another one we negotiated. Glad it came through. Good for TNT.
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