NGC:
50 years of oil reserves left in T&T
PORT SPAIN
Petroleumworldtt.com
03 02 08
There is 50 years worth of identified oil reserves
left in Trinidad and Tobago, says a senior executive
of the State-owned National Gas Company (NGC).
The announcement, made by NGC vice president Stephen
Julien, came yesterday as a senior executive from
Barbados's State-owned National Oil Company, Joseph
Gordon, announced that country has initiated bidding
for the exploration of 24 off-shore blocks.
Julien's announcement also came as this country
is still debating its natural gas reserves position
as an audit from Houston-based Ryder Scott said
there was only 12 years worth of known gas reserves
left.
Julien made reference to the Ryder Scott report
when he spoke of the nation's oil reserves while
he delivered an update on gas supply issues during
the two-day Trinidad and Tobago Petroleum Conference
2008 at the Hilton Trinidad and Conference Centre,
St Ann's that ended yesterday.
"Subject to new discoveries at present or
at the present rate it is estimated known reserves
would last roughly, that is, gas 12 years and oil
50 years and all of this is based again on the
Ryder Scott," Julien said.
Interviewed after the conference, however, Ryder
Scott senior international vice president Herman
Acuna said the firm only conducted a gas audit
and knew nothing of the oil reserves data Julien
announced.
Also interviewed after the conference Julien was
asked about the 50 year oil reserves prediction.
"It is considering the existing reserves," he
said.
He noted, however, that his presentation was based
on information that the NGC staff collected from
various sources of data.
On
Monday, Energy Minister Conrad Enill said that
there has been a decline in Trinidad and Tobago's
oil production had dropped from 160,000 barrels
of oil per day (bpd) in 1990 to 123,000 bpd in
2007 but added there is "substantial heavy
oil resources which to date remain unexplored."
Julien
said that because of declining reserves in production
ratio "a push has been made
for new discoveries" as its closest Caricom
neighbour, Barbados, is also seeking to improve
its oil and gas output.
Story
by Juhel
Browne from The Trinidad Express
-jbrowne@trinidadexpress.com
The
Trinidad Express
Wednesday, February 27th 2008
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