The Energy Ministry is forecasting an increase in oil production of just over four per cent for the first quarter of 2015. This increase over the corresponding period in 2014 is based on improved production from three energy companies–Repsol, bpTT and Leni Gas and Oil (LGO).The ministry said production in the first quarter is expected to average about 83,000 barrels per day compared to 79,466 barrels per day in the first quarter last year.
"Oil production has been in decline since 2006 and that trend continued to 2014 when the country recorded a minor increase in oil production," the ministry said in as brief statement.Noting that the energy companies were continuing their drilling and investment schedules despite lower oil prices, the ministry added: "In the past five years it has been government policy to incentivise upstream companies to increase exploration and developmental drilling.
This was achieved mainly through amendments to the fiscal regime that governs the energy sector."Energy Minister Kevin Ramnarine said: "Oil production had been in decline since 2006 due to a lack of strategic focus by the former PNM administration."Our harshest critics would agree, and the facts would show, that under this Government we have not only stabilised production but have managed to realise an increase in output."