Energy Minister Kevin Ramnarine said yesterday that State-owned Petrotrin would start production on the multi-million-barrel Jubilee oil find within another 12 months.
Ramnarine made the announcement yesterday when he addressed the Energy Conference and Exhibition hosted by the Society of Petroleum Engineers of Trinidad and Tobago (SPETT) at the Hyatt Regency hotel in Port of Spain.
While the Minister admitted that current oil production was low, he said Petrotrin and, by extension, Trinmar, held the key to turn around those declining numbers.
"We are in the middle of a deepwater bid round right now that could really determine the future of Trinidad and Tobago," he said.
"Deepwater exploration is the way the world is going. We have not been able to produce or to find anything in the deep water yet, but from we are seeing from the data there could be significant resources in the deep water," he said.
"In 2012-2013 drilling activity throughout the Trinmar acreage which comprises approximately 20 wells, two exploration wells and 18 developmental wells," he said.
He said another programme to reactivate some 40 wells in the South West Soldado fields would also help to improve the production levels.
"In total, Petrotrin will invest $1.5 billion in Trinmar in fiscal 2012-2013, one third of this money will be spent on asset integrity and facilities upgrade," he said.
"Extensive exploration and development activities will also be conducted in the Trinmar acreage. Further seismic work would be undertaken in this area to identify firm exploration and drilling potentials," he said.
"We have put a tremendous amount of faith in the plans for Trinmar," he said.
Ramnarine said while there was in fact a great deal of exploration activity in the energy sector, the country would not see any revenue from it until 2025.
"We are in one of the most active periods of exploration in the history of our industry. The industry is very busy," he said.