TRINIDAD and Tobago has gas reserves to last up to the next 13-and-a-half years.
This was the announcement of the Ministry of Energy and Energy Industries on Wednesday after the gas audit for 2016 to 2018 by the petroleum consulting firm Ryder Scott.
That projection of the gas reserves was based on the assumption of the consumption of 1.3 billion cubic feet a day that TT averaged last year.
At a news conference hosted by Energy Minister Franklin Khan, the Ryder Scott audit found that TT had 10.53 trillion cubic feet (TCF) of proven natural gas reserves and 6.47 TCF of probable reserves.
That’s total 2P (Proved and probable) reserves of 17 TCF.
In the summary reports of the natural gas audit, the Ministry of Energy said: ‘The reserves to production (R/P) ratio based on gas utilisation in 2018 of 1.3 trillion cubic feet on a Proved (1P) basis is 8.3 years.
Most companies base their projects on a proved plus probable (2P) reserves basis and as such the 2P reserves to production ratio using a similar expected production rate is 13.5 years.
But the volume of gas produced during 2018 was 1.3 Trillion Cubic Feet (TCF), which represented an average rate of 3.5 billion cubic feet per day (bcf/d), according to the ministry’s report.
Get summary report of natural gas audit below: