The Ministry of Energy will soon be finalising licences for oil and gas exploration on land.
Energy Minister Kevin Ramnarine said Friday there were a “lot of activities planned in the upstream and in the shallow and average acreage around Trinidad and Tobago with regard to exploration.
“Shortly we’ll be finalising three licences for land exploration. So exploration towards the end of the decade should begin to migrate resources into reserves and we should start to see a stabilisation of numbers that we have for the (Ryder Scott audit,” he said.
Ramnarine was speaking at the Hyatt Regency (Trinidad) in Port of Spain during the presentation of results of the latest Ryder Scott gas reserves audit for 2013.
The audit showed that the country’s proven gas reserves were down by seven per cent in 2013.
The company’s director and managing senior vice president, International, Herman Acuna, said Friday the 2013 results showed that proven reserves stood at 12.240 trillion cubic feet (tcf).
In 2012, the reserves stood at 13.106 tcf.
He said the figure for probable reserves in 2013 was 5.526 tcf while possible reserves were 6.116 tcf.
Acuna noted this country’s unrisked exploratory resources went up to 39.867 tcf as compared to 31.616 tcf in 2012.