Published: Friday July 18, 2008
AN INTERNATIONAL energy company is interested in investing more than US $150 million for exploration activities in T&T over three years.
Kevin Quinn, business unit manager of Tullow Oil, said this yesterday following an energy luncheon hosted by South Trinidad Chamber of Industry and Commerce.
During his keynote address at Cara Suites Hotel, Claxton Bay, Quinn said 50 per cent of its production comes from Africa. They also have production and exploration in Europe and Asia. Its most recent expansion is in South America. Trinidad, Quinn said, is expected to be its base for their exploration activities in South America.
Quinn said they are interested in two blocks—2AB and another block in Guayaguayare.
Noting that they had initialised a production sharing contract (PSC) with the Ministry of Energy on May 15, he said it is awaiting Government’s final approval.
Quinn said they have a very large 3D seismic programme planned for the country, which includes building four exploration wells to drill over three years. In addition, he said, Tullow Oil is negotiating with the ministry for an exploration block in Guayaguayare, which is onshore and offshore.
He said Tullow Oil is hoping to complete negotiations by next month. Following his address, he told reporters their investment will be quite an elaborate and expensive programme.
“But we believe is money well spent and we are hoping for success in our exploration efforts.”
While Tullow Oil hope to sign the PSC by next month, Quinn said it also needs to get clearance from the Environment Management Authority before can begin anything.
He was hopeful it will begin seismic operations by next year. Trinidad’s geological position piqued the company’s interest.
Quinn said, “We focus on expansion on our geological strength and looking at geological similarity between here and West Africa, we are trying to emulate what we have done in West Africa and do the same in Trinidad. It is very much technically
-driven.”
Source: Trinidad Guardian Newspapers
http://www.guardian.co.tt/business1.html
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