Enill:
Oil and gas audits this year
PORT SPAIN
Petroleumworldtt.com
02 17 08
PRIVATE consultants hired by the Government will
be undertaking an audit of the nation's oil reserves,
which is to begin in April and be completed at
the
end of June, even as another natural gas audit is to begin soon and end in
May.
These audits come on the heels of the findings
of the natural gas audit last year conducted by
the Houston-based firm Ryder Scott, which showed
the nation only had 12 years of supply left but
37 trillion cubic feet of reserves identified for
exploration.
Energy
Minister Conrad Enill made the disclosure about
new oil and gas audits during his feature
address at the BG T&T and First Citizens Energy
Luncheon Series at the Hyatt Regency Hotel at the
Waterfront, Port of Spain, yesterday.
Enill told reporters after the luncheon that he
was optimistic about the oil audit, even as there
had been some concern in the oil industry about
the reduction in daily production over the past
few years, as natural gas production has been on
the rise.
"We've heard that and it was because we took
a deliberate strategy to move away from the volatility
of oil and into the more sustainable action of
gas and we've accomplished that. Having accomplished
that, we are now taking steps to ensure that oil
continues to improve on its current performance,
which we think could be improved," Enill said.
Global oil prices have been hovering at around
US$90 a barrel but have fluctuated several time
in the past, while natural gas prices have stayed
at around US$7 per mmtbu since 2002.
Also interviewed after the luncheon, Petrotrin
executive chairman Malcolm Jones said there was
no oil shortage.
"I am like the geologists who believe the
oil is there, you just have to find it. So you
have to spend more money exploring," Jones
said.
Enill said the unnamed consultant will carry out
an unconventional (heavy) oil audit and then a
conventional oil audit, as well as a forecast of
heavy oil production rates, research of the end
market and operational strategy recommendations.
"The consultancy is due to commence in April
2008 and be completed by July 2008," Enill
said.
Story
by Juhel Browne from Trinidad Express
- jbrowne@trinidadexpress.com
Trinidad
Express
Thursday, February 14th 2008
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