TT may be sitting on one billion barrels of oil

AN EXECUTIVE from one of Canada’s foremost energy corporations has opined that Trinidad and  Tobago’s estimated oil reserves may well be in the region of one billion barrels. Petro-Canada’s Northern Latin America-regional manager Thomas Gebken, made the observation Tuesday at an energy luncheon hosted by the South Trinidad Chamber of Industry and Commerce at Cara Suites, Claxton Bay. Addressing executives from a number of local and multinational service companies, he said that a survey conducted by the US Geologic Society revealed large areas of sea off this country remained unexplored. He observed that significant hydrocarbon deposits may still remain undiscovered in this country’s continental shelf with possible oil reserves in the region of one billion barrels, while natural gas may exceed 25 trillion cubic feet (TCF).

Speaking on the topic, “Petro-Canada and Trinidad and Tobago — A growing partnership,”   Gebken revealed the energy giant was in the process of finalising negotiations for Block 1a, located in the Gulf of Paria which was put up for bid during the 2003 competitive bid round. And while he declined to elaborate, Gebken also revealed that negotiations were also continuing on another Gulf of Paria exploration block — Block 1b — which had also been put up for bid. However, he said that oil rigs bearing the Petro-Canada logo would soon be  stationed in Trinidad and Tobago waters. Petro-Canada is one of the largest integrated energy companies which is strategically focused on five core businesses — North American Gas; East Coast Oil; Oil Sands (International exploration, development and marketing of both oil and natural gas) and Refining and Marketing. The company, which has its corporate headquarters in Calgary, Alberta, Canada and employs some 4,500 persons, recorded earnings of Can$1.4 billion in 2003, with a record cash flow of Can$3.37 billion.