TRINIDAD & TOBAGO: DOWN TO 12.24 TCF
Trinidad and Tobago's proved natural gas reserves declined from 13.106 tcf in 2012 to 12.24 tcf in 2013. This is according to the latest survey of the Caribbean twin-island nation's nonassociated gas conducted by Houston-based Ryder Scott Petroleum Consultants.
The decline was because of the high level of consumption—1.449 tcf/year of gas—and the replacement of just 500 bcf, said Herman Guido Acuna, Ryder Scott's managing senior vice-president, international, at a recent news conference.
He said there were small changes in both Trinidad and Tobago's probable and possible gas reserves, which in 2013 stood at 5.526 tcf and 6.116 tcf, respectively. The country's 3P reserves stood at 23.188 tcf.
There was, however, a major jump of almost 9 tcf in Trinidad and Tobago's exploration potential, which in 2013 stood at 39.887 tcf for an overall resource potential of 63 tcf.
Acuna said the audit took into account Niko Resources and Trinity acreage and looked at solid leads and 3D seismic that clearly pointed out a good chance that another 9 tcf could be available in Blocks NCMA(2), NCMA(3), and 4(B). He said the survey only took into account reserves in the shallow water and not in the 7 deepwater blocks that have recently been awarded. In those blocks, the Trinidad and Tobago government estimates could contain as much as 31 tcf.
The audit also does not take into account the results from BP's Ocean Cable Bottom survey, which is still being processed but in which the company has already said has increased its reserves and has shown significant potential in its acreage off Trinidad's east coast.
Acuna said Trinidad and Tobago has been able to maintain its production to reserves ratio of 8-10 years for a decade now. He said it however poses a challenge because companies are not challenged to go out and look for additional reserves because there are no immediate downstream projects.
Trinidad and Tobago exports LNG via Atlantic LNG, it is also the largest exporter of methanol in the world and the largest exporter of ammonia and urea to the US.