Prime Minister Dr Keith Rowley is very optimistic about finding oil and gas in wells being drilled in the northern deep water blocks operated by BHP Billiton.If the exercise is a success, he said, it would be a watershed development and he called on the country to pray that it is not a dry hole.
Rowley visited the Transocean's Deepwater Invictus drill ship on Tuesday, accompanied by Vincent Pereira, BHP Billiton Country Manager for T&T, Derek Cardno, Vice President of Drilling and Completions, and a contingent of BHP Billiton officials. He was given to an extensive guided tour of the state-of-the-art ship which is currently engaged in an offshore drilling campaign on behalf of BHP Billiton.
Commenting on his visit to the deepwater blocks "where BHP, Shell and BP are breaking new grounds," Rowley said he knows people feel the country should not set it sights on the hydrocarbon sector because of the low oil and gas prices on the international market.
However, speaking at a People's National Movement (PNM) political meeting in San Fernando on Tuesday night, he declared: "The lifeblood of this country is the hydro carbon sector and we always maintain what we need to do is to do the most and the best in that area and do other things in other areas."
The prime minister said he spent Tuesday on the drill ship, which can operate in as much as 12,000 feet of water and drill as deep as deep as 40,000 feet below the surface.
"The drill ship that is doing that programme for the drilling of three wells is one of the marvels of modern technology," he said. adding that it costs US$1.2 million a day to operate.
"So you can understand why those with deep pockets are the ones who can go into deepwater because after that well, which should take almost 80 days to drill at US$1.2 million per day, God forbid that hole is dry.
"So we, as a praying people, will have to keep our fingers crossed that as we face this new province we will be successful in finding oil and gas in the three wells."
Rowley said because the areas are so new and the challenge is so great, "it would be a watershed development if we are successful out there."
In its operations around the world, BHP Billiton is currently concentrating their exploration activities on a small number of basins thay they consider to be top tier prospects with potential for upwards of 5 billion barrels of oil in place. Earlier this year, the company completed a massive seismic acquisition campaign in their T&T deep-water acreage which has increased their confidence in the geology and the potential of the basin.