00:00Energy Minister Stuart Young presents a positive outlook for TNT's hydrocarbon sector as he
00:06delivered his address at today's opening of the Energy Conference. Young made it clear
00:10from the onset that oil and gas is the country's mainstay.
00:15Our strategy has been to accelerate the exploitation of our oil and gas resources, which is in
00:22keeping with industry trend and the market requirements. You would have observed government's
00:28aggressive interventions in our sector as we completed back-to-back bid rounds under
00:34my tenure, negotiating and awarding new contracts.
00:40But that did not come easily as TNT has had to stand firm in its right to continue in
00:45its hydrocarbon thrust while the globe veered off towards the energy transition.
00:50Ladies and gentlemen, do not for a moment underestimate the role that we here in Trinidad
00:56and Tobago have played in that global shift, being one of the only voices over the last
01:04four years when there was huge pressure on the oil majors to reduce their investments
01:12in new global oil and gas exploration.
01:16Due to quiet but effective pushing back, he says TNT has maintained strong interest by
01:21energy companies in hydrocarbons. Take, for instance, production sharing contracts in
01:26deep water.
01:27In the first phase of exploration, which ends in 2025, the consortium will conduct, among
01:35other surveys, a total of 1,990 square kilometres of 3D seismic across the three deep water
01:44blocks.
01:46Positive results, he says, will see a well program in Phase 2, which carries an investment
01:52of US$128,370,000 over three years.
01:58Preliminary estimates suggest the potential for 2.04 trillion cubic feet of natural gas
02:04and 400 million barrels of liquid hydrocarbons.
02:08Onshore drilling, he says, is expected for 23 wells with an investment of US$84.2 million
02:16and in shallow water.
02:46Then there is upstream projects like BPTT's Ginger project, which is estimated to incur
02:56in excess of US$3 billion in developmental costs.
03:16In 2027, and at peak, they will deliver cumulatively in excess of one billion cubic feet of gas
03:26per day, with Manatee accounting for approximately 600 million scuffs of gas per day.
03:35To accommodate the gas production from Manatee, Shell is upgrading the Beachfield facility
03:42from 300 million scuffs of gas per day to one BCF of gas per day.
03:47Arvishu Tiwari, Rupnur Eyeing TV6 News.
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