Enill: T&T has 64 years worth of oil and gas reserves
Trinidad Express
Petroleumworldtt.com
10 12 08
Trinidad and Tobago, as of right now, has 64 years worth of oil and natural gas reserves combined, Energy Minister Conrad Enill says.
He said this is based on the latest calculation of the proven, possible and probable reserves without the addition of future oil and gas finds.
"Now there is a way which you can mathematically calculate what these are and if you do that calculation you can get as much as 64 years," Enill said on the eve of his departure for Spain and England with Prime Minister Patrick Manning on Tuesday to discuss new gas supply arrangements for the nation's four LNG trains with the chief executives of energy giants Repsol YPF, bp and British Gas.
Manning is also expected to travel to Washington, United States, to discuss trade issues.
Enill said they will be out of the country for a week and will also be travelling to New York to hold discussions with US government officials on another energy matter which he did not identify.
"All of it is to discuss energy. New York is a proposal which we have with the United States government which we are going to try and set up," Enill said while speaking to reporters at the end of the Senate's 2008/2009 Budget debate on Tuesday night.
Enill sought to explain an earlier comment he made during the debate regarding the oil and gas reserves when asked by Opposition Senator Dr Carson Charles, referring to last year's gas audit by the Houston-based firm Ryder-Scott, that reported there were only 12 years of supplies left.
That audit, however, also identified more than three trillion cubic feet (tiff) identified for exploration.
Enill said that Ryder Scott provides an assessment based on the current production and reserves levels, which they use to determine whether there are six, 13 or 15 years worth of supplies.
"That does not mean that is all there is. In fact, in looking at some studies that were done recently, we have, on the basis of what we now know, the equivalent of 64 years of production, but what we do from time to time is that we determine at what point in time the fiscal regime must change to reflect what we require," Enill had said in the Senate.
When asked by reporters after the debate if this calculation was for oil or gas, Enill said, "Both."
By
Juhel Browne
-
jbrowne@trinidadexpress.com
Trinidad
Express
Thursday, October 9th 2008
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