An energy analyst says US$6.2 billion in investments in deep and ultra-deepwater areas of T&T over the next two years, will help to offset Government’s apparent move away from an energy-dependent economy. Effuah Alleyne, a senior analyst with research and consulting firm GlobalData, said the emerging trend of deepwater exploration could help to revive T&T’s energy sector. At present the majority of exploration and production activity occurs in shallow waters of up to 250 metres (m) deep. “T&T’s competitive deepwater bidding round ended in March this year, with two of six blocks awarded to a consortium consisting of BHP Billiton and BG Group. These blocks are located in water deeper than 1,500m. “As deep and ultra-deepwater is yet to be fully explored in T&T, these areas could represent vast potential, especially as there are over 15 open blocks. These lie in the Columbus Basin, an extension of the prolific Eastern Venezuelan Basin, where one of the world’s largest reserves of 1 trillion barrels of heavy oil-in-place is located,” Alleyne said.
Read the full story in the Trinidad and Tobago Guardian Newspaper.