Chamber
calls for new gas policies
STCIC
The
Trinidad Express
Port
Spain
Petroleumworld.com 02 12 06
South Trinidad Chamber of Industry and Commerce (STCIC) president
Rampersad Motilal yesterday called for new Government policies
to encourage the discovery and development of commercial gas
reservoirs capable of replenishing the country's dwindling natural
gas reserves.
During
the opening speech at the STCIC-sponsored Trinidad and Tobago
Petroleum Conference (TTPC) 2006, Motilal highlighted the current
status of Trinidad and Tobago's oil and gas reserves.
He
noted that as of January 2005, the country had proven natural
gas reserves of 18.8 trillion cubic feet (tcf), with probable
reserves of 9 tcf and possible reserves of 7.1 tcf.
Given
that the rate of natural gas production in 2005 was approximately
3.2 billion cubic feet (bcf) a day, he said, it would mean that
the country had approximately 16 years of proven reserves or
about 24 years if probable and possible reserves were included.
Noting
that the average daily usage of natural gas in 2006 is expected
to increase to 3.8 bcf with full production from ALNG Train
IV, Motilal said that over the past decade "we have been
adding to our proven reserves at an average rate of just below
one tcf of gas per year. Given that we will consume approximately
1.4 tcf this year, it is clear that adding one tcf of gas per
year is insufficient".
Suggesting
that "the new focus should now be to use the reserves to
ensure long-term domestic development, the STCIC president called
for "the establishment of an energy reserve to securitise
the country's internal energy needs especially for electricity
and transportation for say the next 50 years".
"We
must have policies and processes in place to ensure that we
are able to find and develop commercial gas reservoirs in amounts
that will replenish existing reserves," he said.
While
acknowledging the existence of the best exploration and production
companies in Trinidad, Motilal said "even the best exploration
company in the world cannot find oil or gas unless acreage is
made available under the right terms and conditions, in an effective
and efficient manner."
"We
must avoid long delays in our bid rounds and ensure that we
significantly narrow the gap between the submission of bids
and the signing of production sharing contracts," he added.
The
Trinidad Express
Tuesday, February 7th 2006
