Wednesday's announcement by the Ryder Scott petroleum consulting firm that T&T's proven natural gas reserves contracted by 1.1 per cent in 2012 may not, on first blush, sound like good news.The 2012 natural gas audit indicated that the country's proven natural gas reserves totalled 13.106 trillion cubic feet (tcf); the probable reserves amounted to 6.142 tcf; and possible reserves were 5.987 tcf.This is good news because it suggests the rate of decline of T&T's natural gas resources has slowed.
As Energy Minister Kevin Ramnarine told the presentation, the 2012 reduction compares with a two per cent decline in 2011 and reductions of 9.5 per cent in 2010 and 2009 and 16 per cent in 2008.He said: "We are arresting the decline in our proven reserves by providing a conducive environment to the energy industry. In particular, we have provided incentives and opportunities for upstream companies to explore, appraise and develop new and existing acreages."
No payment details required, for your Free Trial.