In a statement on Friday, thecompany said the Ruby-1 well, offshore Trinidad, encountered oil and gas-bearing sands at a depth of 1200 feet (365m), of which more than 800ft could be commercially produced.

The well flowed nearly 5000 barrels of oil per day on production test.

“We will study the results to see what type of oil accumulation we have,” BHPB Petroleum president of exploration Steve Bell said.

“Further analysis in coordination with our co-venturers will determine our next steps for this discovery.”

Ruby-1 was drilled in about 200ft of water, about 5 miles (8km) east of the processing platform for the BHPB-operated Greater Angostura field.

BHPB is operator and holds a 25.5% stake in the licence area, known as Block 3(a), while Talisman Energy, Anadarko Petroleum, Petroleum Co. of Trinidad & Tobago and Total SA also have stakes.