Williams announces major gas find

ENERGY MINISTER Eric Williams yesterday announced “a significant gas discovery” had been made off  Trinidad and Tobago’s East coast and he declared that the long-term health of the nation’s energy reserves was excellent. Addressing the post-Cabinet news conference at Whitehall, Williams said bpTT had officially informed Government of a major natural gas find in its Chakalaka (Cocrico) well, which is located 50 miles off TT’s East coast. The 15,633 foot deep well, was drilled by a new Global Santa Fe Constellation One rig and this depth was reached on December 13. “This resource is in excess of two trillion cubic feet of gas plus condensate. The well is the first exploration well drilled by bpTT since the company took a drilling time out 18 months ago to conduct comprehensive review and analysis of the geologies in our basin. 

“This well continues to confirm that the geologic basin which we have here in TT, in which several companies operate, is indeed quite prolific. The glass is half-full, not half empty,” the minister declared. He said bpTT would continue its exploration activity and would “drill three more wells all the way through the middle of 2006.” Williams said the amount of revenues which the State expected to receive from this find was still to be worked out, but he expected that “certainly it will fall within the fiscal regime which will be in place.”

Asked whether the new gas find meant the construction of  two additional trains at the Atlantic LNG plant at Point Fortin, Williams reiterated that Prime Minister Patrick Manning had already stated Government’s interest in these trains and that in undertaking energy projects in TT, Government was seeking to diversify its portfolio and determine how best the nation’s energy resources would be used to benefit the population. As Williams spoke, Prime Minister Manning and Algerian Energy Minister Dr Shakib Khalil briefly observed the ongoing news conference from a nearby staircase with keen interest. Khalil was scheduled to sign a Memorandum of Understanding with the National Energy Corporation, on behalf of Algerian state energy company Sonatrach, later in the day.

Algeria is also partnering with TT in the new re-gasification terminal being constructed off the Louisiana coast by Freeport McMoran. Noting Khalil’s extensive energy connections in Africa and Latin America, Williams said his visit to TT at this time was “very significant.” Williams  also said Cabinet was moving closer towards an onshore oil exploration programme and had taken certain decisions in that regard. He added that while “our gas production to barrel of oil equivalent has eclipsed our oil production since the mid-90s” and TT derives greater revenues from gas, “oil continues to be significant.” The minister recalled that the last major oil find in TT occurred in 2002 in BHP Billiton’s Angostura Field also off Trinidad’s East coast and that field would be fully on stream in January. Williams said it was clear Government’s energy strategies were working well.