Energy Minister Kevin Ramnarine is confident that the signing of licences by three energy companies to drill for oil on land will result in the country’s oil and gas production being further boosted.
The three companies – Lease Operators Ltd, Primera Oil and Gas Ltd (a subsidiary of Canada-based Touchstone Exploration Inc) and Range Resources Ltd – were successful in their bids for onshore blocks in Rio Claro, Ortoire and St Mary’s respectively.
The companies were awarded the blocks following Government’s 2013 onshore bid round.
Speaking at the signing ceremony at his International Waterfront Centre office in Port of Spain yesterday, Ramnarine said the reserve potential of the three blocks is 822 million barrels of oil.
He noted that in the event of commercial discovery, development-related investments could be as much as US$945 million.
Ramnarine stressed there was still potential left for oil exploration on land and as such Government was considering another bid round in early 2015.
“Already, we have seen signs of a turnaround in oil production from both land and marine acreage.
“The story of land-based oil production in Trinidad and Tobago is very, very far from over. A significant part of the acreage that was licensed here this morning has not been covered by 3D seismic,” he said. (Trinidad Express)
