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Oil & gas activity increase.

OIL & GAS ACTIVITY INCREASE. There is significant increased activity in the oil and gas industry in Trinidad & Tobago, as it relates to drilling, when compared to May 2010 (three years ago), reports Caribbean News Now (May 16, 2013):

The heightened activity is impacting positively on the demand for energy services and levels of optimism in the energy sector. The result will serve to arrest the decline in oil production and ensure deliverability of natural gas in the coming years. In the offshore areas, there are six drilling rigs working for different clients. Two of these, the West Jaya and the Rowan XL II, are drilling for bpTT in its Immortelle and Savonette Fields respectively. The third rig, the Rowan Gorilla III is drilling for EOG Resources in the Osprey Field. The fourth rig, Well Services Rig 110 is drilling in Trinmar for Petrotrin and is expected to spud the first exploration minimum work obligation (MWO) well in mid-May 2013 in fulfilment of the new Trinmar license, granted by the Minister of Energy and Energy Affairs on December 31 2012. A fifth rig, the Trinity Rig 2 (a slant rig) is drilling for Trinity in the East Galeota block. A sixth rig, the semi-submersible Ocean Lexington is in Chaguaramas being prepared for its drilling campaign on behalf of Centrica, Niko Resources and BGTT;

On land, activity is also high, as eight drilling rigs have been used to drill wells for various operators. Much of this activity is driven by the government policy to incentivize the exploration for, and production of, crude oil and natural gas. These have been included in successive budgets presented by the government in the last three years. Also, the Ministry of Energy & Energy Affairs and Petrotrin will shortly launch the 2013 land-based bid round. This is the first dedicated land-based bid round since the late 1990s and will offer three blocks totaling 150,000 acres of state land to bidders for the exploration of oil and gas.
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Title Annotation:TRINIDAD & TOBAGO
Comment:Oil & gas activity increase.(TRINIDAD & TOBAGO)
Publication:Caribbean Update
Article Type:Brief article
Geographic Code:5TRIN
Date:Jul 1, 2013
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