TTPC:
T&T
petroleum gets US audit
By
Roxanne Stapleton
Trinidad Express
Port
Spain
Petroleumworldtt.com
02 11 07
AN AUDIT of Trinidad and Tobago's petroleum reserves
is being done by Houston-based petroleum consultants
Ryder Scott.
Results
of the audit will be released in the third quarter
of fiscal 2007, Energy Minister Dr Lenny Saith
said yesterday.
The
highly anticipated results will directly speak
to the establishment of proposed Government industrialisation
projects and energy sector developments over coming
years.
Saith,
who was the feature speaker at the Trinidad and
Tobago Petroleum Conference at the Hilton Trinidad
yesterday, also said Government was about "to
undertake the first concrete steps" to conducting
a feasibility study for a fifth LNG train, called
"Train X" by Prime Minister Patrick
Manning. The feasibility study should be concluded
by December.
Saith
also announced that as many as 11 wells, including
two onshore, are to be drilled this year at a
total budgeted cost of US$234 million. In 2008,
six wells are to be drilled at a total cost of
US$164 million.
He
said the Ministry of Energy was also evaluating
recent proposals for the 14 bids received for
the onshore and near-shore blocks and one bid
for the deep-water block.
With
regard to the deep-water block, he said: "We
recognise that we need to do something about the
deep-water block.
"We
intend to engage the industry in an evaluation
of the deep-water bid round, with a view to informing
the conduct of future exercises of this nature."
Speaking
of Government's added thrust of investing along
the entire length of the LNG chain, he said: "Our
LNG expansion model is likely to see new entrants
and partnerships on the liquefaction side of the
business, as well as increased Government participation
in shipping, regasification and marketing, while
at the same time allocating a portion of the gas
for domestic projects."
Last
December, the National Gas Company concluded negotiations
with gas producers, BHP Billiton, EOG Resources
and BG Trinidad and Tobago, for the supply of
560 million standard cubic feet of gas per day
for the period 2009 to 2010, Saith said.
"The
terms of the supply period vary from 12 years
to 15 years and are linked to the existing life
of the relevant production sharing contracts-
the gas will be used to meet existing project
commitments," he said.
The
event, which is hosted by the South Trinidad Chamber
and the Geological Society, ends today.
The
Trinidad Express
Tuesday, February 6th 2007
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