AN optimistic Finance Minister Colm Imbert said the decline in oil and gas production has been reversed and foresees a viable and sustainable energy sector.
In his 2023/2024 budget presentation on Monday, Imbert said for the past eight years the energy sector has faced substantial shocks, not only in volatile prices but also in the production decline.
Pointing out these prevailing conditions made it necessary to stabilise the sector, Imbert commended the Prime Minister and Energy and Energy Industries Minister Stuart Young for taking the helm in reversing these oil and gas production trends through mutually beneficial relationships fostered with the upstream and downstream stakeholders.
Imbert said the two had succeeded in creating the environment to establish the framework for restoring the viability and sustainability of TrinidadT’s energy sector
“We envisage over the long term, our oil and gas production will increase, and the current 2.7 billion cubic feet per day will alleviate the current gas concerns of our downstream industries and energy producers.
“We expect gas production to stabilise in 2023, based on projects on stream in mid- to late 2022, such as Shell’s Colibri project and bpTT’s Cassia compression project.”
He said gas production is expected to be boosted further in 2023 via bpTT’s uinfill programme in the Mango, Savonetta and Angelin fields, EOG Resources Osprey West and East Developments and Touchstone’s Cascadura development onshore.
“In 2024-2026, additional projects will serve to maintain natural gas production, such as developing the South East Queen’s Beach field by bpTT, the Mento Field by EOG and Aphrodite Field by Shell. And expanded development of Cascadura, onshore, is also expected in this period.”
He said the coming onstream of Shell’s Manatee project is also expected to help to significantly reduce the natural-gas deficit.
“Furthermore, significant progress on negotiations regarding Woodside Energy Calypso Depot development has been made, and we are eagerly worki ng towards bringing this project to fruition.
“We have been seeking through extensive negotiations, involving the USA and Venezuela, to develop a significant across the border field with Venezuela – the Dragon Gas field – and sustainable energy sector."