BP T&T commits to natural gas exploration, despite concerns over reserves

BP Trinidad and Tobago has pledged to continue investing heavily in natural gas exploration, dismissing a recent report that found the Caribbean nation’s reserves will last only another dozen years.

“I am confident that if everything is done right, Trinidad has resources to last for another 50 years,” bpTT President Robert Riley told a conference on Trinidad’s energy resources.
Trinidad, the second-largest energy producer on the Caribbean Sea after nearby Venezuela, is the leading supplier of liquid natural gas to the United States. The booming oil-and-gas economy accounts for 62 percent of the country’s national revenue.

An audit conducted by Houston-based consultants Ryder Scott found Trinidad and Tobago’s natural gas reserves dropped over the last two years from 34 trillion cubic feet (963 billion cubic meters) to 30 trillion cubic feet (850 billion cubic meters).

But Energy Minister Lenny Saith, who released the study Friday, said geological data indicate the presence of another 34 trillion cubic feet of unexplored natural gas beneath Trinidad and surrounding waters.

International Herald Tribune