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PM welcomes gas find

Prime Minister Kamla Persad-Bissessar last night congratulated bpTT on the discovery of one trillion cubic feet of natural gas in the Savonette 4 well.

"We are advised that this is bp's largest discovery in Trinidad and Tobago in seven years and the largest discovery of natural gas in Trinidad and Tobago since 2007. This is the third major discovery of oil and gas in 2012 and follows on the successes of Bayfield in East Galeota and Petrotrin in Cluster 6. This discovery augurs well for confidence in the Trinidad and Tobago economy," Persad-Bissessar said.

She added, "The Savonette 4 discovery will no doubt aid in the arrest in the decline of natural gas reserves. This has already been demonstrated in the 2011 Ryder Scott audit results and the trend is expected to continue in 2012. The discovery also confirms that Trinidad and Tobago's Columbus Basin continues to be a world-class hydrocarbon province. We also expect that this discovery will aid in attracting new investment into our downstream energy sector. Finally the monetisation of these reserves will provide revenue to the Government of Trinidad and Tobago, which will further be used for the benefit of all the peoples of our nation."

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