Energy Minister sticks to his guns over gas reserves

Energy Minister Eric Williams is sticking to his guns that Trinidad and Tobago has enough gas reserves to meet the projected demand. In an interview after his presentation at a discussion forum on the Energy sector at the Trinidad Hilton, Williams said while all proven reserves have been contracted, significant investments were being made by the major energy players. “Multinationals in the energy sector,” he said, “go to the bank and finance projects based on proven and even probable reserves,” he said.

He said that was how the market operates. At the just concluded Petroleum conference bpTT CEO Robert Riley noted that between 2004-2008, the oil giant will invest US $1.9 billion in exploration and development. South Chamber President Jim Lee Young told conference delegates that there might be no gas boom and that talk of LNG Trains V and V1 seemed premature. At Thursday’s Cabinet meeting at Whitehall, Williams said that TT’s proven gas reserves were 20.8 billion trillion cubic feet (TCF).