Exploration
falls in TT
Port Spain
Petroleumworldtt.com
01 13 08
“THE ENERGY sector is at a crossroads in
its development... we’ve had a drop-off in
exploration activity at the very time we need to
increase it.” So said Gervase Warner, executive
chairman of Neal and Massy Energy, who last Friday
admitted that challenges associated with recent
exploration rounds have sprung-up.
“There’s a report (Ryder Scott Gas
Audit) that says we don’t have enough gas.
People in the industry understand that is a time-shot,
it’s a dynamic in time, but it does point
as an important indicator to the need for more
exploration activity,” Warner said.
He
said with the expansion of sectors downstream
the energy resource chain, there is a dire need
for gas and an urgency for exploration, he told
a business conference at Hilton Trinidad, St Ann’s.
“They
need gas for the steel plants and aluminium smelters
that would feed some of these
manufacturing projects that he (Prime Minister
Patrick Manning) is referring to. In 2005/6 there
were unsuccessful bid rounds for new offshore blocks,
he said.
“In an energy-based economy that’s
bad. Our basic fundamental premise is that you
always have to keep replacing the new fields that
you are developing and if you’re not doing
that you are not feeding the treadmill.
We’re at the point where we need a lot of
activity and the last round said that the fiscal
arrangement we had was not sufficiently attractive,” Warner
said.
Story
by Roxanne Stapleton-Whyms from NewsDay
Newsday
Monday
7th January, 2008
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