Story Updated: May 15, 2013 at 10:56 PM ECT
Energy Minister Kevin Ramnarine is projecting that increased drilling activity in the country’s oil and gas sector will continue in the medium term.
The Ministry of Energy, in a statement yesterday, noted there was “significant increased” drilling activity in the oil and gas industry compared to data three years ago.
“Currently, in the offshore areas, there are six drilling rigs working for different clients. Two of these rigs, 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 currently drilling in Trinmar for Petrotrin and is expected to spud (drill a new well) for the first exploration Minimum Work Obligation (MWO) this month, as per the new Trinmar licence granted by the ministry last December. A fifth rig, the Trinity Rig 2 is drilling for Trinity in the East Galeota block. A sixth rig, the semi-submersible Ocean Lexington, is currently in Chaguaramas being prepared for its drilling campaign on behalf of Centrica, Niko Resources and BGTT,” the statement said.
There are also two workover rigs working for Petrotrin in Trinmar, with one exclusively dedicated to the South West Soldado reactivation project. On land, the level of activity is also high with eight rigs in operation.
Ramnarine said: “The level of drilling and workover activity in the oil and gas industry has significantly increased in the last two years. We expect this trend to continue in the medium term. This is as a direct result of Government policy to use the fiscal regime to incentivise companies that invest in exploration and production. In the last two years, we have applied a progressive policy with regard to the fiscal regime that has seen Trinidad and Tobago’s upstream sector become more competitive.”