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T&T Records Slight Drop In Proven Gas Reserves

PORT OF SPAIN, Trinidad CMC – Trinidad and Tobago’s proven natural gas reserves have contracted by one per cent last year, but Energy Minister Kevin Ramnarine said the figures show the authorities are “arresting” the decline in recent years.

According to the figures released by the Texas-based consultants, Ryder Scott, Trinidad and Tobago’s proven energy reserves were 13.106 trillion cubic feet (tcf); the probable reserves were 6.142 tcf; and possible reserves were 5.987 tcf.

Ryder Scott, which has been auditing Trinidad and Tobago’s reserves since 2000, noted that the unrisked exploratory resources, given as potential resources determined through seismic research and other data, but have not been drilled for confirmation, are estimated to be 31.616 tcf.

“The reduction in 2012 was in the order of 1.1 per cent, and two per cent in 2011, compared to 9.5 per cent for both 2010 and 2009, and 16 per cent for 2008. We are arresting the decline in our proven reserves by providing a conducive environment to the energy industry,” said Ramnarine.

“In particular, we have provided incentives and opportunities for upstream companies to explore, appraise and develop new and existing acreages,” he said, noting that the country would not be running out of natural gas anytime soon.

Figures show that the island’s proven reserves had peaked in 2002, with 20.75 tcf, but then sharply dropped the following year, continuing on a steady downward trajectory, until relatively stabilizing in the last three years when the reserves were 13.46 tcf; 13.257 tcf; and 13,616 respectively.

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