Renewed confidence from gas find
The discovery of at least one trillion cubic feet (tcf) of natural gas by bpTT in the Savonette field, located in the south-eastern coast of Trinidad, is indeed a much-needed energy boon for the country.
It speaks to the continual renewal of confidence in our country's energy industry and gives one a sense of comfort and hope for the future of this most important sector to our economic well-being. The point must be reiterated that this is no small achievement by any measure.
The 2011 Ryder Scott gas audit showed that Trinidad and Tobago's proven and probable combined reserves (2P) declined from 21.1 tcf in 2010 to 19.292 tcf in 2011. What this discovery does is to increase our 2P reserves by five per cent from our 2011 levels, a significant overall increase. The 2P reserve number is what is conventionally used in planning within the energy industry.
With the intensive planned level of exploration and industry activity outlined by the dynamic Minister of Energy and Energy Industries, Kevin Ramnarine, the outlook of the energy industry is not as dire as some make it out to be.
Every mature oil and gas province in the world experiences these slumps in discoveries and production levels, but as technology levels increase and effective exploration plans take root, these difficulties are soon overcome.
The learning curve for the energy industry continually keeps reinventing itself as the industry changes from one frontier to the next, and it is a testament to our energy stalwarts and industry leadership that we are constantly major players in the energy game, from a relatively small resources base.
It must be emphasised that we need more value-added activity for our gas reserves, especially in the downstream sector. With resource discoveries like these and steady leadership at the helm, this should soon be a reality in the industry.
Director, Central Bank of
Trinidad and Tobago