Home' Trinidad and Tobago Guardian : May 15th 2014 Contents covery that is so large, many parts of
it have not been tested.
It s why the US EIA has also warned
the uncertainty in the size and eco-
nomics of the domestic shale gas
resources could have a considerable
impact on future domestic natural gas
production. US total natural gas pro-
duction is projected to range between
26.1 trillion cubic feet and 34.1 trillion
With that in mind, gas prices at the
Henry Hub in the US has plummeted.
According to Darlow, T&T now exports
only ten per cent of its LNG to the US
market. He said this is expected to
continue declining, with many of the
cargoes going to South America,
including Brazil and Argentina.
Atlantic s CEO said the plant is being
so well run, it has even led to attempts
to raid its human resources by US
companies trying to get into LNG pro-
Darlow said Atlantic is now the
largest and the most reliable exporter
of LNG in the world. He pointed to
producers like Egypt, Algeria, Yemen
and Angola as countries in which sup-
plies have been disrupted.
MAY 2014 • WEEK THREE www.guardian.co.tt BUSINESS GUARDIAN
ENERGY | BG9
The first three
months of 2014
have been the
best ever for liq-
uefied natural gas
Atlantic since it started operations
in this country 15 years ago. This
was revealed by the company s
chief executive officer Nigel Dar-
low who told an awards ceremony
last Saturday at the Hilton
Trinidad that the company has
achieved a 98 per cent reliability
and recorded "its best perform-
Saying that Atlantic had a
bright future, Darlow insisted that
the Point Fortin-based company
was not phased by what he
described as shale gale happening
in the United States.
"Atlantic is well placed to be
the leading LNG supplier in the
Atlantic basin. Demand is growing
faster than supply and global
prices are set to continue high.
More than that, it now costs five
times to build an LNG plant than
when we constructed Atlantic and
with the opening up of the Pana-
ma Canal that will open up the
Asian market to Atlantic, a market
in which 71 per cent of the LNG
Darlow s comments come as
the US has given four approvals
for the construction of LNG plants.
It also comes at a time when the
US has been having an energy rev-
olution in which it is now one of
the largest oil producers in the
world and has one of the world s
largest reserves of natural gas.
According to the US Informa-
tion Administration, shale gas
refers to natural gas trapped within
shale formations. Shales are fine-
grained sedimentary rocks that
can be rich sources of petroleum
and natural gas. Over the past
decade, the combination of hor-
izontal drilling and hydraulic frac-
turing has allowed access to large
volumes of shale gas previously
uneconomical to produce.
Several states, including Penn-
sylvania, have indicated an interest
in exporting energy as it sits on
the massive Macellus shale dis-
Atlantic CEO on 2014 performance:
Company achieved 98% reliability
Ecuador has rejected a petition for
a referendum on whether the Yasuni
National Park in the Amazon should
be opened to further oil exploration.
The National Electoral Council said
not enough signatures were collected
to force a referendum.
Activists from the group Yasunidos,
who had gathered the signatures,
accused the council of "fraud".
They oppose more oil drilling in the
park, saying it would damage one of
the world s richest areas of biodiver-
The electoral authorities validated
359,781 of the 850,000 signatures col-
lected, well under the 583,323 needed
by Ecuadorian law.
They said that some of the signa-
tures were repeated up to nine times,
or were found to be incomplete or
written by children.
Other people, they said, had used
fictional names like Bruce Wayne from
Batman and Darth Vader from Star
But Yasunidos, which brings togeth-
er environmentalists and indigenous
groups, claimed the council was
"Almost seven out of 10 signatures
were thrown in the bin," it said on
"The council talks about irregular-
ities. We talk about fraud."
It has vowed to take the issue to
the Inter-American Commission on
Last month, it announced it had
collected enough signatures, saying it
was "certain" that the referendum
would go ahead.
Limited oil exploitation has been
taking place in parts of Yasuni, which
covers nearly 10,000 sq km (3,860 sq
miles), since the 1970s.
But last year President Rafael Correa
abandoned a conservation plan that
would have seen wealthy nations pay
Ecuador not to drill in previously
untouched parts of the park.
Correa said the initiative had
attracted only a fraction of the US$3.6
billion (£2.1 billion) it had aimed to
raise, leaving Ecuador with no choice
but to go ahead with drilling. Oil is
the country s main export.
He has promised that any earnings
from oil drilling would be used for
The park supports a huge variety
of wildlife, including unique species
of birds, monkeys and amphibians.
It is also home to the Huaorani and
other indigenous people who had vir-
tually no contact with the outside
world until recent decades.
Yasuni oilfields hold an estimated
846 million barrels of crude, 20 per
cent of Ecuador s reserves. (BBC)
Ecuador rejects vote on Amazon
oil drilling in Yasuni park
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