Gas is not running out, bpTT president Norman Christie said yesterday.
“We remain confident in the subsurface (potential) based on the results of our recently concluded $275 million seismic studies in the Columbus Basin,” Christie told the audience at the Energy Conference 2014, Hyatt Regency, Port of Spain.
The hydrocarbon reserves are there but in smaller pools so exploration companies may have to look at communal arrangements for the greatest efficiency, he added.
“Don’t let older assets slip by, infrastructure is important...new technology is necessary for making the most of these (and extracting resources from these older wells),” Trinity executive chairman Bruce Dingwall added.
The men, as head of two of the country’s most successful exploration companies, co-hosted a panel discussion from the perspective of the Trinidad and Tobago upstream energy sector.
Using a traffic light metaphor, Dingwall and Christie noted that the country’s green light features included a stable political environment, adherence to contracts, and qualified professionals.
“There are more locals employed in the sector than there are expatriates, and that is commendable,” Christie said.
These qualified professionals, especially younger ones, Dingwall said, need to take more of a leadership role in the industry.
“They go to school, they study hard and they get a comfortable job...Technically, we have great competencies, but I would encourage people in more leadership roles. We need leaders who are aggressive and challenge the management,” he said.
Getting an amber rating was rule of law, Christie said, adding that factors that need to be monitored include fiscal policy, collaboration and ease of doing business.
“Low corruption perception index and crime are issues that need to be considered,” he said, noting that they could have an impact on a company’s decision-making.