Trinidad
& Tobago awards
crucial oil, gas deals
Guardian
Contract
awarded: Energy Minister Conrad Enill at yesterday's post-Cabinet
media
conference at Whitehall in Port of Spain
PORT
SPAIN
Petroleumworld.com, Jan 13, 2007
A joint-venture partnership between the State-owned Petrotrin
and Canada-based Voyager Energy Ltd has been awarded one of
two new Production Sharing Contracts (PSCs) for much needed
oil and gas reserves.
Energy Minister Conrad Enill announced the Cabinet's decision
to approve the PSCs yesterday, as the negotiations for PSCs
are now ongoing for four blocks of reserves.
Enill said all the PSC negotiations are expected to be completed
by the end of March.
In doing so, however, Enill revealed the Cabinet had also
decided to sell 80 per cent of the State's interest in the
Trintomar oil field, now operated by Petrotrin, to the United
States-based EOG Resources for US$20 million.
"This is simply because these resources are in close
proximity to some acreage that EOG has and we considered it
appropriate to do this transaction because it would enhance
our exploration activity as it relates to the capability of
EOG's and, at the same time, in doing the analysis, we felt
this was the best way to deal with those particular assets," Enill
said.
Enill made the announcements during yesterday's post-Cabinet
news conference at Whitehall, Port of Spain.
He first addressed the PSCs because many within and outside
of the energy sector have stressed the need for more exploration
activity in light of the Ryder Scott gas audit last year, which
had identified some 37 trillion cubic feet of reserves for
exploration, but warned the nation only has 12 years of supplies
left.
"Today, the Government has granted, Cabinet has approved
today, the award of two Production Sharing Contracts to the
consortium comprising Voyager Energy Ltd and the Petroleum
Company of Trinidad and Tobago to explore and develop the Central
Range shallow horizon block, as well as the Central Range deep
horizon block," Enill said.
Both of the Central Range blocks are located on land.
"The company will be in Trinidad next week for meetings
with Petrotrin and the Ministry of Energy," Enill said.
Cabinet also approved the PSC for the Norwegian-based Statoil
ASA, the only energy company that had expressed an interest
in drilling for oil or natural gas in any of the eight deep
water blocks put out for tender in the last exploration and
production round.
"We've reached agreement with Statoil Hydro on the terms
for the exploration and development of the deep water block
TTDAA5. It is planned that negotiations for a Production Sharing
Contract begin shortly," Enill said.
Story by Juhel Browne from Trinidad Express.
Trinidad Express, Friday, January 11th 2008
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