Ryder Scott: Trinidad and Tobago gas reserves show decline
The Ryder Scott audit of Trinidad and Tobago's natural gas reserves has revealed a 3.83 tcf decline since January 2005.
PORT OF SPAIN, Aug. 24 -- The Ryder Scott audit of Trinidad and Tobago's natural gas reserves has revealed a 3.83 tcf decline since January 2005.
The report found that Trinidad and Tobago has 17.05 tcf of proved gas reserves, 7.76 tcf of probable reserves, and 6.23 tcf of possible reserves.
The report also found that the twin-island nation's risked 3P reserves would be adequate to supply the demand for gas through 2016 before declining.
Trinidad and Tobago's cabinet made four decisions arising from the survey results, according to Energy Minister Lenny Saith:
-- Increase the rate at which decisions are made and blocks awarded for exploration.
-- Do not move any gas-based project to the priority A category from the nonpriority B category.
-- Get more geological information on potential areas to explore.
-- Look at the taxation structure for exploration in high risk areas.
Saith said, "The survey is saying, 'Look at your taxation for exploration in high-risk areas, not exploration in low-risk areas. Look at your tax policy and determine if there is anything you need to do that will speed up [companies' willingness] to take risk in those high risk areas.'
Saith said 16 new wells will be drilled within the next 15 months and insisted there would not be any new LNG trains built unless additional gas is discovered.
Trinidad and Tobago has four LNG trains and last year was responsible for 67% of total US LNG imports.
While there was a reduction in the 3Ps, the survey reported a 5 tcf increase in what it says could yet be discovered.
Ryder Scott reported that Trinidad and Tobago has a potential for an additional 37 tcf of gas awaiting discovery.
The increase in the figure resulted from the collection and processing of 3D data by Canada Superior and Petro Canada that showed there may be larger gas structures than originally thought in the blocks they are exploring.