Gas
demand, supply will grow
The Trinidad & Tobago NewsDay
Port
Spain
Petroleumworldtt.com
07 01 07
WHILE
declining to reveal findings of the 2006 Ryder
Scott Audit of the country’s energy
reserves, acting Prime Minister Dr Lenny Saith
yesterday said both this country’s natural
gas production and domestic demand for gas are
projected to increase steadily over the next eight
years.
And bpTT officials have said the energy giant
is prepared to take the risk of drilling another
deep well again in search for more natural gas.
Addressing
the opening of the GazChem 2007 Conference at
the Hilton Trinidad, St Ann’s, Saith who
is also Energy Minister, said that in order to
facilitate development of downstream industries,
Government requested all producers to commit to
the supply of gas to meet demands of the domestic
market. Stating current estimates put the country’s
gas reserves at 34.8 trillion cubic feet (TCF)
with a production rate of 3.9 billion cubic feet
(bcf) per day, Saith said 59 percent of the country’s
gas is allocated to LNG production while 41 percent
goes to the domestic market.
“By 2016, natural gas production is estimated
to increase to 5.9 bcf with the allocation to LNG
amounting to 53 percent and 47 percent to the domestic
market,” Saith told the gathering.
Saith
also said the country’s expansion
in natural gas production will be fueled by drilling
of 11 wells this year at a cost of US$234M and
an additional six wells next year at a cost of
US$164M.
bpTT vice president (operations performance unit)
Robert Fryar said the company was undeterred by
the failure of its Ibis Deep well in 2006 and is
prepared to venture into the deep horizons again
to search for new reserves. Fryar said the company
has a good idea where new energy reserves could
be found in the Columbus Basin and has a plan to
drill ten wells over the next ten years.
The
Trinidad & Tobago NewsDay
Tuesday, June 19 2007
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