Encouraging
outlook for T&T's energy sector
PORT SPAIN
Petroleumworldtt.com
02 24 08
Although
no major oil and gas discoveries have been made
in recent times, Government officials
have expressed optimism regarding the future of
the country's energy
sector.
Last week, Energy and Energy Industries Minister
Conrad Enill told energy industry executives that
the oil and gas sector would continue to play a
pivotal role in the development of the country's
economy. He pointed to Government's revamped strategy
for the energy sector, which includes an ongoing
review of the fiscal regime governing oil and gas
activities and initiatives to stimulate off shore
and on shore exploration.
The minister also hinted at a closer relationship
with neighbouring Venezuela, a major world energy
player whose proven natural gas reserves average
in excess of 150 trillion cubic feet (TCF).
According to Enill, there has been one new development
with respect to proposals for a Memorandum of Understanding
for cooperation in economic activities and the
Unitisation Agreement for the Loran/Manatee cross
border field with Venezuela. He indicated that
the field contains about 10 TCF of gas of which
some seven TCF can rightfully belong to Venezuela
and three TCF to Trinidad and Tobago.
He announced that a Reservoir Technical Group
has been selected by the Government of Venezuela
to work with a similar team from Trinidad and Tobago
with a view to conclude specific unitisation agreements
for the exploitation and development of Cross Border
Hydrocarbon Reservoirs within the Unit Area.
This important new development with Venezuela
along with the encouraging exploration prospects
in many of offshore and onshore areas present a
highly positive outlook for the country's energy
sector.
Story
from
Trinidad Express
Trinidad
Express
Wednesday, February 20th 2008
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