Petrotrin signs exploration deal with Bayfield

PORT OF SPAIN (Reuters) - Bayfield Energy Limited and Trinidad and Tobago's state-owned oil company Petrotrin signed a joint venture deal on Tuesday that includes the exploration of seven wells.

Bayfield Chief Executive Simon Gill said the company has an initial capital investment of US$109 million to carry out exploration in the 12,000 hectares of the Galeota Block off Trinidad's eastern coast, revitalization of the Trintes Oilfield and refurbishment of four offshore platforms.

"We have a good background in revitalizing fields and that's what we plan to do at Galeota ... and hopefully increase the existing reserves," he said at signing ceremony.

Bayfield had its genesis in Britain's Burren Energy, which was acquired by Italian energy group Eni (EN.MI). It has a 65 percent working interest in the Galeota block and is the operator of the Galeota asset while Petrotrin holds a 35 percent nonoperating interest.

Petrotrin Executive Chairman Malcolm Jones said the block is surrounded by prolific oil and gas fields.

Trintes, which began production in 1972, has produced 22 million barrels of oil to date. The field currently has a daily production of 750 barrels of oil per day.

(Reporting by Linda Hutchinson-Jafar, editing by Jane Sutton and David Gregorio)