By Paras Ramoutar, IANS
Port of Spain : Energy resources in the twin-island Republic of Trinidad and Tobago are dwindling, bpTT chairman and chief executive officer Robert Riley said.
Trinidad and Tobago receives over 75 percent of its annual revenue from the energy industry. Several of the world’s major energy companies have established deep business contacts here.
“There will be no large oil and gas finds in the future as in the past decade or so,” he told a gathering of over 200 industrialists and energy experts at San Fernando Wednesday.
In the same vein, he called on the government led by Prime Minister Patrick Manning to maximise revenue and efficiency and ensure sustainability.
“What Trinidad and Tobago can rely on from bpTT is a business that will be safe, reliable, low cost and technology-driven in the next 20 to 25 years. We are confident we can supply all of our existing contracts and some more,” he said.
Riley said that bpTT’s challenge would be to produce one trillion cubic feet of gas per year from now on.
He added that gas would not last forever and the supply was not infinite, so the choices made and the formula for making those choices needed to be more transparent.
“We have to exercise restraint because we cannot allow growth to so drive us that we get so far ahead of exploration potential that we have projects but no gas,” he said.
Riley said that bpTT would continue to drill but might have some failures. “We will find, but we will not find anything in the sort of large numbers we used to find the last decade or so.”