Ryder Scott: Highest gas production in three years

RYDER SCOTT vice president Herman Acuña said last year TT had its highest volume of extracted gas in the past three years, some 1.26 trillion cubic feet (tcf), speaking at the presentation of his company’s audit of TT’s gas reserves at the Ministry of Energy in Port of Spain on Wednesday.

He said TT’s proved or confirmed gas reserves were 10,526 bcf.

Acuña said 61 per cent of gas production (extraction) came from BPTT, 17 per cent from Shell, 13 per cent by EOG and nine per cent from BHP.

He displayed figures to show a continuation of the slight rebound in TT’s classes of gas reserves since 2016 known as the “three P’s” - proved, probable and possible.

From a high of 16,997 billion cubic feet (bcf) in 2007, proven reserves had plummeted to 9,917 bcf in 2016, but rebounded to 10,515 bcf in 2017 and 10,526 bcf last year.

Probable and possible reserves had never hit the 2007 historical highs of proven gas, but just rose steadily over the past three years, the data showed.

Probable gas rose from 6,127 bcf in 2017 to 6,470 bcf last year. Possible gas went from 5,392 bcf in 2017 to 6,508 bcf last year.

However the biggest jump was in the exploration class of reserves, that is, gas detected by seismic surveys but not confirmed by penetration by an exploratory oil well.

This class leapt from 42,846 bcf in 2016 up to a whopping 57,245 bcf in 2017, with a slight dip last year to a still-high figure of 52,997 bcf. The report said that for the last two years the exploration figure has included deep water reserves, to which Acuña attributed the big rise.

Asked if TT has only eight years of proven gas, Acuña said that was the wrong way to look at things, as the real issue was sustainability. He said the Gulf of Mexico has a reserve/replacement ratio under five years, yet has had this status for the past 50 years.