Business
Trinidad and Tobago company PetroTrin finds more oil
“The news will certainly create a buzz in the sector as the provision of new geological data could lead to even more discoveries,” said the Prime Minister.
Ramnarine noted the PetroTrin oil find comes on the heels of a discovery by Bayfield off the East coast of Trinidad three weeks ago.
He noted that Bayfield’s find was 32 million barrels of crude oil and PetroTrin owns 35 percent equity of the block Bayfield operates.
Ramnarine said that a Canadian energy company, Parex, is in the process of drilling three wells in Moruga.
He added that he was anxiously awaiting the completion of PetroTrin’s 3D seismic programme which will help identify and unlock more natural resources which will lead to an aggressive campaign on land in 2013.
“There are many who believe the deeper horizons on land particularly below 6,000 feet could hold tremendous potential for this country of an entire new oil province which we never really tapped into,” said Ramnarine.
He also announced that cabinet yesterday approved the launch of the 2012 deep water bid round and have already received 22 nominations for deep water blocks off the East coast and the North coast of both Trinidad and Tobago.
“I am very proud to be the Minister of Energy at this point time when PetroTrin has turned the corner and the company is turning around,” said Ramnarine.
