OIL NOW REPORTS POSSIBLE 20B IN TT DEEPWATER

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After more than two decades, U.S. oil giant Exxon Mobil is returning to Trinidad and Tobago — and industry analysts say the country could be sitting on a new deepwater fortune worth over twenty billion U.S. dollars. This is the latest report on T&T's energy sector from online energy publication OilNow.

Transcript

00:00after more than two decades u.s oil giant exxon mobil is returning to trinidad and tobago

00:05and industry analysts say the country could be sitting on a new deep water fortune

00:10worth over 20 billion u.s dollars this is the latest report on tnt's energy sector

00:16from online energy publication oil now a new analysis from international energy consultant

00:25rye stat energy points to exxon mobil's latest offshore campaign in trinidad and tobago as one

00:32of the caribbean's most promising ultra deep water frontiers oil now is reporting that the exploration

00:39located in the eastern tobago basin covers more than 7 700 square kilometers of ocean flow in waters

00:49over 2 000 meters deep making it one of the largest and most technically challenging

00:55undertakings in the region according to rye stat exxon mobil is using the same exploration model

01:02that delivered over 13 billion barrels of recoverable oil in neighboring guiana's starbrook block a

01:09project that transformed that country's economy the report notes that if significant discoveries

01:15are made in tnt's waters exxon could invest more than u.s 20 billion dollars into trinidad's deep

01:23water sector a move that would revitalize a gas dependent economy facing years of declining production

01:31while it notes trinidad's gas output has been shrinking for nearly a decade deep water success could

01:37reset the entire upstream landscape the new production sharing contract consolidates six previously

01:44unawarded offshore blocks marking exxon mobil's return to trinidad and tobago after a 22-year absence

01:53for trinidad the stakes are high the country's economy built on natural gas for power industry and

02:00exports is in urgent need of new discoveries to sustain energy revenue and lng production industry

02:08observers say that while success in these ultra deep waters could take years to materialize

02:14the campaign signals renewed international confidence in trinidad's offshore potential and could mark the

02:21start of a new energy chapter in the region rishi to worry rupnerine tv6 news when quizzed about the

02:29report's findings energy minister dr rudal munilao was not at all owed we are not surprised at all that

02:37internationally reputable uh research uh organizations and energy intelligence uh in entities uh refocusing on

02:48trinidad and tobago and the excitement that is taking place now in the business community in terms of

02:55the uh greater investment and potential in doing business in trying to bagel dr munilal expressed

03:03optimisms and this is just the start of other major developments in the sector i believe this is

03:10also linked to the revitalization plan of the prime minister uh announced last week um we are very happy

03:19that exxon mobil and others have shown interest in trinidad and i've taken note of this report and it gives us

03:27increased optimism as we deal with other oil majors at this time uh looking to ensure that we have a

03:35much greater investment in the energy sector to sustain our development as we go forward

03:42the tv6 people meter brought to you by xl health tt the official supplements of the cps

03:52tonight we're asking you are you optimistic that the country could be sitting on a new deep water fortune

03:58to vote text yes or no to the number 766-4886 or 766-4TV6 we'll have the results for you at the end of this

04:06newscast still to come

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