Saturday, July 17, 2004

TT: 1 billion barrels of oil in the ground, 1 billion barrels of oil....

AN EXECUTIVE from one of Canada’s foremost energy corporations has opined that Trinidad and  Tobago’s estimated oil reserves may well be in the region of one billion barrels. Petro-Canada’s Northern Latin America-regional manager Thomas Gebken, made the observation Tuesday at an energy luncheon hosted by the South Trinidad Chamber of Industry and Commerce at Cara Suites, Claxton Bay. Addressing executives from a number of local and multinational service companies, he said that a survey conducted by the US Geologic Society revealed large areas of sea off this country remained unexplored. He observed that significant hydrocarbon deposits may still remain undiscovered in this country’s continental shelf with possible oil reserves in the region of one billion barrels, while natural gas may exceed 25 trillion cubic feet(TCF).
TT has always been of strategic importance to the U.S. -- after all, there was a naval base at Chagaramus during WWII -- now it is even more so.

So, we've got less oil reserves than Saudi Arabia, but more natural gas than they do.


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