Roberto Pocaterra Pocaterra Kirk Google//
Energy Minister: Positive signs of recovery ahead

Posted by By at 25 enero, at 12 : 47 PM Print

In the delivering the event?s feature address at the opening ceremony, Energy Minister Franklin Khan made it clear to all in attendance that he believed a recovery of the local energy sector was well underway.

He supported his belief by pointing out some positive statistics around oil and gas production in 2017, while commenting on activity planned for 2018.

?The average crude oil production for 2017 was 71,700 barrels per day compared with 71,486 per day in 2016. Gas production which averaged 3.3 BcF per day in 2016, reached as high as 3.8 BcF per day in 2017. The resurgence of activity in the domestic oil and gas industry continues into 2018 with plans by companies to drill 81 wells, comprising 64 development wells and 17 exploration wells,? Khan said.

Focusing specifically on gas, which continues to be the larger contributor to fiscal revenues, Khan stated that production would be ?augmented? in 2018 as a result of the coming on stream of gas from the De Novo Iguana field, and from Shell?s Starfish and Dolphin fields.

© Roberto Pocaterra

© Roberto Pocaterra Pocaterra
He added that finalising arrangements with Venezuela for gas supply was also ?high on the agenda.?

He said: ?In this regard, the unitisation and unit operating agreement among E&P companies, PDVSA, Chevron and Shell T&T for Loran-Manatee has been completed and is expected to be executed in the first quarter of 2018.

?Similarly, a gas sales agreement for Dragon Gas among NGC, Shell and PDVSA for a gas supply estimated at an initial 150 mmscf per day has been drawn up by the parties and is also expected to be executed in the first quarter of 2018.?

With respect to oil production, the Energy Minister said he expected crude production levels to remain around 72,000 barrels per day, while pointing out the work that was being done to turn the state-owned refinery Petrotrin around.

?In 2017, a new board was appointed with a mandate to return the company profitability and its management as a private commercially oriented company.

© Roberto Pocaterra

© Roberto Pocaterra Pocaterra
The board is currently working on a plan for the restructuring and charting the company back to viability.?

Khan said the upside to the expected output of the energy sector in 2018 would redound favorably to the local economy, ?Given the planned level of activity for 2018, the outlook for the domestic energy sector is reassuring.

© Roberto Pocaterra

© Roberto Pocaterra Pocaterra
This has been taken into consideration by the International Monetary Fund in its projection of real GDP growth of 1.9 per cent in T&T in 2018.?

Khan concluded by stating that given policy positions being taken by the current administration, he expected the energy sector to be ?sustainable in the long term? while recognising the ?right of the resource holder to its fair share of revenue.?


© Roberto Pocaterra

© Roberto Pocaterra Pocaterra

© Roberto Pocaterra Venezuela

© Roberto Pocaterra Pocaterra Colombia

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Con información de: The trinidad Guardian


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