EOG Resources has approved a prospective exploration and production schedule for Trinidad and Tobago for the next five years.
The company made the disclosure Prime Minister Dr Keith Rowley has met with a high-level delegation from EOG Resources.
Their plan includes the deployment of a number of wells for both production and further exploration which is based on their analysis of recent state-of-the-art seismic work.
Energy Minister Franklin Khan is refuting claims that the government intends to sell the Paria Fuel Trading Company.
In a statement issued Monday, the Energy Ministry says that the minister has taken note of newspaper reports that could give the impression that it is the intention of the government to sell the Paria Fuel Trading Company Limited.
Prime Minister Dr Keith Rowley has said that this country's gas production is on the rise and that the government is hoping that with some new initiatives production will continue to steadily increase.
Dr Rowley, who was speaking at the opening of the Energy Conference on Monday, said new production is expected to be brought on stream, which will bring this country's production level to 3.9 billion cubic feet in 2019.
Minister in the Office of the Prime Minister Stuart Young has said that the government does not know as yet if the US sanctions on Venezuela's state-owned oil company PDVSA would affected the gas deal between Venezuela and Trinidad and Tobago.
"We are seeking advice to determine how they may affect the deal," Young said in response to a question by Opposition Leader in the Senate, Wade Mark.
He said it was premature at this time to say what, if any, effects it may have.
Minister in the Office of the Prime Minister Stuart Young has announced that the government has reached an agreement with Bp and Shell that he says will bring "significant" financial benefits to Trinidad and Tobago.
The agreement involves new pricing arrangements, the extension of the Atlantic LNG Train 1 by a further five years, and the ability of the National Gas Company (NGC) to export liquified natural gas (LNG) on behalf of T&T.
The minister made the announcements as he addressed today's post-Cabinet media conference.
Petrotrin chairman Wilfred Espinet says while he told Government officials that the refinery would likely not be profitable in a meeting in January, he never advised Government to close down Petrotrin.
Espinet made the comment yesterday during cross-examination by Oilfields’ Workers’ Trade Union attorney Douglas Mendes SC, as the union’s industrial relations offence complaint against Petrotrin continued.
Opposition Leader Kamla Persad-Bissessar will speak to the Guyanese private sector on lessons Trinidad and Tobago has learned on managing oil and gas revenues when she attends a function in Guyana tomorrow.
Persad-Bissessar will give the presentation as the featured speaker at the 23rd Awards Presentation and Dinner hosted by the Guyana Manufacturing & Services Association’s (GMSA) at the Pegasus Hotel, Georgetown.
Upon the closure of Petrotrin’s refinery next month, there will be a 20-day supply of fuel from stock “to start with,” Energy Minister Franklin Khan has assured the travelling public.
“Trust me - I want to give the country the assurance there will be a smooth transition from refinery fuel to imported fuel,” Khan added in Parliament yesterday in reply to Opposition concerns over the fuel supply after the refinery’s closure.