Norsk Hydro has signed an agreement with Petrobras Trinidad Limited to farm into Exploration Block 27 offshore Trinidad and Tobago.
David BurkeHydro will acquire half of Brazilian state-owned Petrobras' 38 percent participating interest in the acreage. Block 27 is a deepwater tract with sea depths ranging from 700 meters to 1200 meters.
The block was awarded in 1998. 3D seismic has been aquired and two exploration wells are planned. The first well will be spudded in August/September 2001. The block covers 1,220 square kilometers, approximately the size of two North Sea blocks.
The transaction is subject to approval by the Trinidad and Tobago Government and the block's other partners.
Partners in Block 27 are operator BP (57 percent), Petrobras (19 percent), Hydro (19 percent) and Petrotrin (five percent).
In 1999, Trinidad-Tobago produced about 135,000 barrels per day and had a total annual production of 10.9 billion cubic meters of natural gas.
Norsk Hydro's Agri division has had a presence in Trinidad since 1991 and currently has 320 employees on the island, mainly engaged in ammonia production.