Leni buys more land for sale in Trinidad and Tobago

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, Leni’s chief executive, said:
“We 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.”

The investment in Trinidad’s oil industry
comes as the Caribbean’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 Trinidad’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 “is not a long-term solution”.

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 – and its property market – will both start to grow again.