Gas
price talks ongoing says Riley
By
Roxanne
Stapleton
Trinidad Express
Port Spain
Petroleumworld.com
06 25 06
THERE are constant discussions with respect to finding
the right competitive pricing for Trinidad and Tobago's
oil and gas between industry players and the Government,
bpTT LLC chairman and CEO, Robert Riley said yesterday.
Speaking
at the AmCham's breakfast conference at Movie Towne,
Riley admitted that "there is a general recognition
that oil and gas prices have moved".
Several
industry analysts have been clamouring for a review
of gas prices on the local market, which they stress
are too conservatively priced when compared to what
gas fetches at the Henry Hub.
Henry
Hub yesterday averaged US$6.55 MMBtu whereas several
domestic gas contracts (privately negotiated), fetch
a value averaging between US$1.60 MMBtu and US$3.00
MMBtu, and in most cases are on the lower scale
end, sources told the Daily Express.
Turning
to bpTT's latest exploits, Riley zeroed in on the
Ibis Deep well which is currently being drilled
in the South East Coast Consortium block in the
Columbus Basin, on behalf of bpTT and its partners
in the project, EOG Resources Trinidad, Petrotrin
and NGC.
Of
its Cannonball field, Riley said it is the largest
individual producer of gas and its three wells are
delivering "the amazing volume" of 740
million cubic feet of gas per day.
"This
kind of rate is unheard of in any other part of
the BP Group, but perhaps gives you an insight into
why gas has so decisively eclipsed oil in our Trinidad
and Tobago portfolio," Riley said.
BPTT's
gas production has jumped upwards of 2.3 billion
cubic feet per day, which is more than three times
the level it stood at in 1996.
rstapleton@trinidadexpress.com
Trinidad
Express
Thursday,
June 22nd 2006
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©2006 Trinidad Express. All Rights Reserved.
