A few days ago, I had one of those conversations with my daughter’s teacher that parents either dread or love.
You are here
Ramnarine hails fifth oil find in two years
Energy Minister Kevin Ramnarine says he pleased with the recent announcement by Repsol of its discovery of 40 million barrels of oil in its TSP acreage which is adding to overall national oil production. In a brief statement, Ramnarine said the discovery is the fifth in the last two years and comes after discoveries by Petrotrin, Bayfield (now Trinity) and BP in 2012 and by Trinity in late 2013 in its TGAL 1 well.
“These discoveries are premised on a significant increase in exploration and development activity in both land and marine acreages over the last three years. This is also reflected in the record levels of foreign direct investment that the energy sector has experienced in the period 2011 to 2013,” he said. “These trends signal a resurgence of the upstream component of the national energy sector. The net result is an arresting of the decline in oil production which declined sharply from 2006 to 2012.”
The minister noted the enabling environment that has been created through the introduction of a suite of fiscal incentives for oil and gas companies. At present there are eight rigs working in the waters of T&T. Two are currently working for Repsol—the Seadrill West Freedom and the Rowan Gorilla III.
User comments posted on this website are the sole views and opinions of the comment writer and are not representative of Guardian Media Limited or its staff.
Guardian Media Limited accepts no liability and will not be held accountable for user comments.
Guardian Media Limited reserves the right to remove, to edit or to censor any comments.
Any content which is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will be removed.