Monday, December 18, 2017

Natural gas reserves down again

Trinidad and Tobago’s proven natural gas reserves are down again, this time by seven per cent in 2013.

The results of the latest audit, done by Houston-based Ryder Scott Petroleum Consultants, was presented during a function hosted by the Ministry of Energy at the Hyatt Regency (Trinidad), Port of Spain yesterday.

The company’s director and managing senior vice president, International, Herman Acuna, said 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.  

Acuna said while there was a decline in proven reserves, the probable and possible reserves of the country have remained stable since 2009.

He explained this decline was due to the cyclic nature of exploration and development.

He pointed out, however, there were “important initiatives” being put in place to ensure the reserves were replaced.

Energy Minister Kevin Ramnarine said despite the decline recorded by Ryder Scott, there were some positive results coming out of the audit.

“The good news is that there has been an increase in the exploration resources category which is primarily because of the consideration given by Ryder Scott to the blocks awarded in 2010 including NCMA 2, NCMA 3, NCMA 4 (b) and Block 2,” he said.

He said the natural gas potential of those blocks ranged from 9.6 trillion cubic feet of natural gas to 13.8 trillion cubic feet.

“So that potential has not yet crept into the Ryder Scott report,” he noted.

Ramnarine said Ryder Scott’s audit also did not take into account bpTT’s ocean bottom cable (OBC) seismic survey, which is aimed at better identifying the future gas potential of the Columbus Basin off the Southeast coast of Trinidad.

The survey, which was a significant investment by BP, has not been fully processed, he said.

“So what the Ryder Scott report would have seen in 2013 would not have been the final picture of the BP seismic survey, so there is more information to be had,” he said.

He added that the nation’s top four natural gas suppliers- BP, British Gas Trinidad and Tobago, EOG Resources, and BHP Billiton have been making major strides in exploration.

BPTT, he said, is expected to sign a contract with a company next week for the construction of a gas platform in La Brea.

“That’s a very positive development for this country because it would mean for the first time since 2011 there would be a platform being fabricated in La Brea,” he said.

The minister said he expects work to begin on that platform later this year.

The companies audited by Ryder Scott last year were BP, BHP Billiton, BG, Centrica Petrotrin, Chevron Corporation, EOG Resources Trinidad Ltd (EOG), Niko Resources Ltd and Repsol.