Repsol makes big gas find in Trinidad

Spanish energy company Repsol and London-based BP say they have found a gasfield in the Caribbean containing an estimated two trillion cubic feet of natural gas — equivalent to two years of Spanish demand.

Repsol says it is the largest volume of gas it has discovered in the last five years and the most significant in a decade for Trinidad & Tobago. Repsol holds a 30 per cent stake in the exploration consortium, with the rest held by BP.

A Repsol statement Monday says drilling is expected to begin in the second half of next year.

The company says about 65 per cent of its production and 75 per cent of its reserves are gas, a key fuel in the transition to a low-carbon economy.