Home' Trinidad and Tobago Guardian : November 28th 2013 Contents 11
According to Aleem Khan, of the Trinidad Guardian Newspapers,
the Minister of Energy and Energy Affairs, Kevin Ramnarine
stated in June that Trinidad and Tobago's declining oil production
was expected to turn around this year. (Transparency Initiative
(EITI) Report on Monday 30th September 2013).
The article stated "In the year 2006, oil production in this country was
146,450 barrels of oil per day, as a result of the coming into production of
BHP Billiton's Angostura Field in Block 2C, off the east coast in the
Matura/Manzanilla area. Following that, there was a steady decline."
Further, "After 2006, there was a fall to 122,000 barrels of oil per day; so
from 146 down to 122. It then went down in 2008 to 115,000 barrels of oil
per day and in 2009, it went down to 107,000 barrels of oil per day. I would
not call out all the years, but I would say in 2012, the most recent year for
which we have, of course, a full year data, oil production averaged 81,735
Nevertheless, Ramnarine (in an interview with Emily Pickrell for Fuel Fix)
explained that this decline does not necessarily mean a negative for the so-
ciety. In the interview he explained that it is not all bad news since the Min-
istry has been able to diversify and find new markets in South America and
in Asia, where the prices for natural gas are good.
"Our LNG trains were also built much more cheaply than it would cost to
construct an LNG train today in Louisiana. The biggest threat to the global
LNG industry is the cost of construction, as new facilities can cost billions
of dollars, so we think that competitive advantage in Trinidad will remain."
Ramnarine expounds that it will be good for Trinidad as the US starts to
export LNG, because the US gas industry will become integrated into the
global economy. "It will harmonise the US gas market with the world gas
market," he added.
"We have been promoting bid rounds for the last three years very aggres-
sively. We had a bid round in 2011, where we signed two deep-water pro-
duction-sharing contracts with BP. There was another bid round in 2012
that was very successful, and we signed four production-sharing contracts
with BHP Billiton for deep water."
This new bid round was opened in August and the bid will occur in Janu-
ary 2014. It will be a production-sharing contract. (The round will offer six
offshore blocks for lease in the country's east coast area and in the off-
shore area northeast of Venezuela.)
With information from fuelfix.com.
On October 31st, 11 bids were received for the first dedicated
Onshore Bid Round in 15 years in Trinidad and Tobago. The bids
were received from five companies for three land-based blocks.
This successful bid round follows on the successful 2012 deep-
water bid round.
The Onshore Bid Round, which opened on May 16, 2013 and closed on
October 31, 2013 at 12 noon, offered some 63,715 hectares of acreage in
the country's southern basin, specifically the Rio Claro, St. Mary's and Or-
The Ministry received three bids for the Rio Claro Block and four bids
each for the St. Mary's and Ortoire Blocks, as follows:
Rio Claro Block:
2) Glint Energy LLC
3) Lease Operators Ltd.
St. Mary's Block:
1) Lease Operators Ltd.
2) Range Resources Ltd.
3) Trinity Exploration and Production plc
4) Glint Energy LLC
2) Touchstone Exploration Inc.
3) Glint Energy LLC
4) Lease Operators Ltd.
In total, 17 data packages were sold for US$40,000 each, resulting in
some $TT 4.4 million in revenue.
According to Minister of Energy and Energy Affairs, Senator the Hon-
ourable Kevin Ramnarine, "The 2013 Onshore Bid Round has been a suc-
cess. We attracted 11 bids from five companies on three blocks. It took
almost two years of planning and preparation. The 2013 Onshore Bid
Round is linked to the Government's policy to increase oil production and
realise growth in the country's hydrocarbon reserves. At present, activity
related to land-based oil production is very high. There are 20 workover
rigs in Trinidad and Tobago; all 20 are currently utilised and there is a
waiting list to use these workover rigs. This is a good proxy that demon-
strates the high level of activity."
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