Trinidad and Tobago's proven oil reserves highest ever

Trinidad and Tobago's proven oil reserves are the highest they have ever been since 1908 when the country first started commercial production.
This was announced by Energy Minister Eric Williams who said the proved, probable and possible oil reserves were now 3.314 bn barrels and, when combined with the country's gas reserves, it amounted to 9.2 bn boe.

Williams was speaking at the public opening of bids for the 10 offshore blocks offered by the Ministry of Energy. The bid round was the most successful in the country's history. For the first time, all the blocks on offer were bid for, with several international energy companies which do not at present operate in Trinidad and Tobago competing for acreage.
The Energy Minister said: "It is the policy and now fulfilled promise of this Government to encourage exploration activity so as to increase our oil and gas reserves. As a direct outcome of this policy, the hydrocarbons reserve picture of Trinidad and Tobago is growing... The proved oil reserves are now 990 mm barrels of recoverable oil. Probable reserves are now 324 mm barrels of oil, with possible reserves of 2,000 mm barrels for a total of 3.314 bn barrels of oil."

Williams told bidders there had been success from the last bid round offered by the PNM when BHP Billiton and its partners bid for Block 2(c) and have since made a major oil discovery. He said EOG Resources was also successful in finding gas and that the two discoveries had increased exploration interest in Trinidad and Tobago. In the presence of British Gas and other energy sector executives, Williams repeated Government's intention to invest downstream the LNG chain and to encourage a high level of local content.
"We have signalled our desire to become more involved in equity ownership along the LNG value chain. We are developing an offshore fabrication yard at La Brea. It would be inconsistent with this trend if we do not take a strong and principled stand on local content, which we are convinced will result in a win-win situation for us as a country, as well as investors." Williams said.

He added: "We expect that this will improve the net present value of projects in the energy sector. Made in and provided by Trinidad and Tobago must become a tangible, recognisable and sought after brand. We intend to leverage our relationships in the upstream of the energy sector as one means of achieving this."
Williams noted that the bid round had contributed $ 28.9 mm to the country's coffers, arising from fees and other charges paid by energy sector companies for the right to bid on the blocks.