Imbert: Oil and gas production must be boosted

Finance Minister Colm Imbert said even though the non-oil sector contributed 50 per cent of GDP, the oil and gas sector will remain a cornerstone of the economy for years to come. He says to maintain revenue and growth, the country must boost oil and gas production

Speaking during the reading of the Estimates of Expenditure for Fiscal 2023, he said EOG Resources Trinidad Ltd anticipated its first output from its first Osprey West project at the end of 2022 and Phase I of Osprey East in 2023. He said production from Phase II of Osprey East projects in its southwest consortium block and the Mento Block, a joint venture with BPTT, is projected to come onstream in the medium term.

He said the company also plans to drill six wells, three exploratory and three development wells for the Osprey East and West projects within the next year and to invest approximately US$234 million between 2022 and 2023. An investment of US$555 million is expected to be made for the Mento Field Development project during 2023 to 2026.

The Finance Minister listed the results of several bid rounds carried out by the Ministry of Energy and Energy Industries.

Imbert said the government is also advancing its policy goal for including renewable energy in the electricity supply mix. He said the development of a 112 megawatt solar photovoltaic project at a cost of US$124 million is at an advanced stage of negotiation with a consortium of Light Source Renewable Development Ltd, Shell TT Ltd and BP Alternative Energy TT Ltd, with construction of the solar energy plant expected to begin in early 2023.

“We are also pursuing a broad mix of projects in our energy transition strategy. A feed-in tariff policy is being developed to facilitate residential and commercial renewable energy generation and contribute to the reduction of greenhouse gas emissions. A renewable energy policy is being developed by TT, bearing in mind our carbon-emissions commitment and the target of 30 per cent renewable energy by 2030.”