By Aleem Khan
After licensing approximately 12.5 per cent or one-eighth of T&T’s total land mass for oil and gas exploration Friday, Energy and Energy Affairs Minister Kevin Ramnarine forecast that when they come into production, the country’s crude oil output will return to over 100,000 barrels of oil per day (bopd)—where it was in 2009. “We believe that once we have production coming from these three blocks, we will see oil production in T&T go back to over 100,000 bopd, which is where we would all like to see oil production, heading back to six figures, which is where we were some five years ago,” Ramnarine said.
The blocks are prospective for 822 million barrels of oil. T&T’s oil production as at October 26, averaged 85,277 bopd, which Ramnarine said was the highest oil production recorded in more than two years. For the last 21 months, he said, production had been averaging about 81,000 bopd. He said new condensate crude production by BP, the quick bringing of Repsol’s July-announced find into production, and new high quality crude finds and production by Leni Gas and Oil drove the increase.
Read the full story in the Trinidad & Tobago Guardian Newspaper.