Young: Oil, gas audits ‘positive’

The content originally appeared on: Trinidad and Tobago Newsday

Energy Minister Stuart Young at a news conference on the national gas audit, International Waterfront Centre, Port of Spain on May 7. – File photo/Faith Ayoung

ENERGY Minister Stuart Young has provided information with respect to recent audit’s done on Trinidad and Tobago’s oil and natural gas reserves.

This information was contained a written response to a question that was circulated in the Senate on May 17.

Young said on May 7, the ministry held a news conference to present the results of the most recent gas audit which was conducted last year.

This audit began last February and dealt with gas reserves for 2021 and 2022.

Young said the audit was conducted by the Texas-based firm of DeGoyler and Mac Naughton.

He also said, “The globally accepted and recognised categorisation of unrisked gas reserves is now P1+C1, P2+C2, P3+C3 and exploration.”

Young reiterated the audit results which were announced on May 7.

Those were: 2021 – P1+C1 10,854 BCF (billion cubic feet) ; P2+C2 5,535 BCF; P3+C3 5,574 BCF and Exploration 55,374 BCF; and 2022 – P1+C1 11,498 BCF; P2+C2 4,910 BCF; P3+C3 5,001 BCF and Exploration 56,901 BCF.

On May 7, Young said the results showed that Trinidad and Tobago has approximately 11 years of confirmed gas supply left.

“When you see P1 and C1, that means we know there is for sure, and what is under contract to be developed. So we are looking at 11.4 trillion cubic feet (TCF).

Young said an examination of the P2/C2 and P3/C3 figures suggests that Trinidad and Tobago could have approximately ten years of possible gas supply.

Young described the latest audit report as “encouraging, good news, positive.”

He said the Government was looking forward to projects such as the Loran-Manatee gas field, to provide additional sources of natural gas.

The Manatee field which lies on Trinidad and Tobago’s side of its maritime border with Venezuela is estimated to be able to produce up to three tcf of natural gas.

Loran, which lies on the Venezuelan side of the border, can produce seven tcf.

Trinidad and Tobago and Venezuela have signed an agreement to de-link Manatee from Loran.

Young has previously indicated that Government is exploring the possibility of accessing gas from Loran.