Business
Trinidad & Tobago reports huge natural gas find
(Trinidad Express) BP Trinidad and Tobago (bpTT) has made an estimated 1 trillion cubic feet natural gas discovery off Trinidad’s south east coast, the company said in a release yesterday.
The energy giant is the largest producer of natural gas in the country, with 54.88 percent of market share in 2011.
bpTT’s parent company BP made the announcement yesterday, during a meeting between Energy Minister Kevin Ramnarine and Trinidad and Tobago’s High Commissioner to London, Garvin Nicholas and BP representatives, among them Executive Vice President–Production Bob Fryar, Executive Vice President—Developments Bernard Looney and bpTT President Norman Christie.
“This is exciting news for both bpTT and the industry since this represents the largest discovery for bpTT since 2005,” said Christie.
The discovery was made in the Savonette gas field which doubles the estimated gas in the Savonette field to 2 trillion cubic feet.
One trillion cubic feet of gas produces approximately enough energy to power one million homes for 15 years.
Energy Chamber president Roger Packer yesterday welcomed the news. “This is very good. Something like this encourages investor confidence and inspires longevity to the sector. Over the last two years there was quite a pickup in exploration. Traditionally there is a find in one in every seven wells, so the more exploration, the greater the chances of a find.
