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| T&T has ten years gas reserves |
| By Nadaleen Singh, Trinidad Guardian July 14, 2010 06:56:00 PM |
| | T&T’s proven gas reserves have fallen to ten years, but Energy Minister Carolyn Seepersad-Bachan is not too worried as measures have been put in place to stimulate exploration. “It is of no surprise to us. We anticipated these results. You would have heard us speaking to the issues many times. “The important issue is how we address it and the plans going forward—the actions, the initiatives to be taken to address that situation,” she said. Seepersad-Bachan was speaking to reporters yesterday following an announcement of the Ryder Scott report at the Hyatt Regency Trinidad hotel, Port-of-Spain. She said government is dealing with the low reserves by moving aggressively with exploration. “We are putting a programme in place to ensure that there is continuous exploration activity.” Seepersad-Bachan said.
She said the blocks are more for natural gas than oil, though there may be both hydrocarbon types in three of the areas. “Together, the blocks comprise 870,000 hectares and are primarily gas-prone with significant quantities of identified exploration resources.” The deadline for submission of bids is August 11. Eight companies have already shown interest. Winners of the bid round are expected to sign contracts by December.
Petroleum fiscal regime
Declaring that the previous competitive bid round managed under the previous administration, was not successful, Seepersad-Bachan said there are plans to review the petroleum fiscal regime. “You would have noticed that we had a complete failed bid round, the last one. “It is clear that from the last bid round, the fiscal regime was a problem, especially for going out into deepwater areas. We do have problems going out into a deepwater area, where we are talking about capital intensive and high risk. “We are not returning to what is called the taxable production sharing contract. We are going to be re-fencing that deepwater area. We are also suggesting that there would be ‘no carried interest’ for the deepwater blocks,” Seepersad-Bachan said.
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LatinPetroleum.com, www.latinpetroleum.com, Trinidad and Tobago news, 14.July.2010, Source: Nadaleen Singh, Trinidad Guardian |
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