OIL
President Donald Ramotar met with Repsol who is preparing to restart drilling. He revealed, too, that the company believes they are in a much better position now to get “the depth that they had anticipated beforeâ€.
He said that Repsol did not reach the depth they had planned and budgeted for “because of the pressure and gas that was thereâ€. “They said to me that never in any of their experiences that they have reached such a situation where you had so much gas pressure, and they are now preparing to bring in a bigger rig and use different technology to come in and try again to make another shot.â€
Ramotar said that the company, this time, will be investing more than US$200M and that “this tells you that they have some level of confidence of what they will find thereâ€.
President Donald Ramotar met with Repsol who is preparing to restart drilling. He revealed, too, that the company believes they are in a much better position now to get “the depth that they had anticipated beforeâ€.
He said that Repsol did not reach the depth they had planned and budgeted for “because of the pressure and gas that was thereâ€. “They said to me that never in any of their experiences that they have reached such a situation where you had so much gas pressure, and they are now preparing to bring in a bigger rig and use different technology to come in and try again to make another shot.â€
Ramotar said that the company, this time, will be investing more than US$200M and that “this tells you that they have some level of confidence of what they will find thereâ€.