Leni Gas & Oil has bought more land for sale in Trinidad and Tobago to increase its production, SmallCapNews reports.
The oil and gas company doubled the amount of land it now holds in Trinidad last week by purchasing rights for the Goudron Field, which has the estimated potential to produce 1,000 to 4,000 barrels of oil per day.
The investment involved acquisition of Goudron E&P Ltd, a company which possessed the rights for oil production on the Field, which is located in South-East Trinidad. The field, which covers 2,875 acres, was initially discovered in 1927, according to SmallCapNews, with 21.8 millions of barrels of oil reserves estimated, and 1.9 million proven barrels.
Leni said earlier this year that it would increase its holdings in Trinidad, and has since added another 815 acres to its holdings.
Neil Ritson, Leniââ¬â¢s chief executive, said: ââ¬ÅWe are delighted to have been able to acquire the rights to the Goudron Field since we feel this offers an exciting opportunity for LGO to make a step change in its growth in Trinidad through both incremental production and exploration.ââ¬Â
The investment in Trinidadââ¬â¢s oil industry comes as the Caribbeanââ¬â¢s largest oil and gas exporter faces tough financial times. With the world economy slowing, demand for energy has fallen, followed by subsequent drops in price, which are both threatening Trinidadââ¬â¢s chief source of income. With 80 per cent of revenue coming from gas, the country has since switched exports to the Far East as well as Europe, but the Trinidad Express recognises that this ââ¬Åis not a long-term solutionââ¬Â.
As Leni increases its oil production and invests in more land for sale in Trinidad and Tobago, the Caribbean hotspot will hope that its economy ââ¬â and its property market ââ¬â will both start to grow again.
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