BG
TT invests US$1B
Trinidad & Tobago Newsday
Petroleumworldtt.com
04 06 08
BG
TRINIDAD and Tobago (BG TT) is investing US$860
million and US$280 million in its North and East
coasts operations respectively over the next 18
months, president Derek Hudson said yesterday.
Hudson
noted that this is a clear indication of his
company’s optimism in this local reserves
outlook.
“I believe that the Ryder Scott Report is
one we should pay attention to. All basins as they
get older will go through this stage. What it requires
however is the appropriate response, the fields
that you’ll have to look at.
“We’ve gone back and started to look
at some of our fields and recognised that you could
produce gas from some of these reservoirs that
we didn’t focus on initially. Up to last
year we thought Dolphin had a little below four
tcf (trillion cubic feet), now we know it has in
excess of four,” he said.
Hudson
spoke at the American Chamber of Commerce’s
Business Future of the Americas conference launch
at the Hyatt Regency, Port-of-Spain. Given that
it is now more costly to “exploit for reserves,” Hudson
said the country has to look at the types of downstream
industries that could match the cost of capital
in the upstream sector.
Turning to US LNG supplies, he said while the
local supply remains the same, the US requirement
for LNG import is increasing and this country now
provides between 55 to 60 percent of its needs.
“They are getting imports from Equatorial
Guinea, Nigeria and other countries. So we’re
still significant, but with the US becoming more
dependent on LNG imports, they’re taking
it from other sources as their requirements continue
to increase.”
Story
by Roxane Stapleton -Whyms from Trinidad & Tobago
Newsday
Trinidad & Tobago
Newsday
Thursday, April 3 2008
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