Energy Sector Output Grew in Fourth Quarter
Natural Gas and oil production increased by 7.6% and 1.2% respectively in the fourth quarter (Q4) of 2013 compared with Q4 of 2012.
In Q4 2012 natural gas production averaged 3801 million standard cubic feet per day while in Q4 2013 this figure increased to 4091 million standard cubic feet per day. The increase in natural gas output by 7.6% has had a positive knock on effect in the production of LNG, ammonia and methanol.
Oil production also increased by 1.2% in Q4 of 2013 compared with Q4 of 2012. In Q4 2012 oil production averaged 80,187 barrels per day while in Q4 2013 it averaged 81,131 barrels per day.
These increases augur well for the national economy in 2013. In the first quarter of 2013 the energy sector grew by 0.5%. In the second quarter by 1.6% and in the third quarter it contracted by 4% on account of a large coordinated maintenance programme conducted across the natural gas value chain.
Energy Minister Kevin Ramnarine noted that the maintenance programme in Q3 of 2013 was a collaborative effort that was coordinated by the Ministry Of Energy and Energy Affairs and involved BP, BG, NGC, Atlantic and PLEA.
Minister Ramnarine also said he was pleased with the numbers for Q4 2013 which continues to demonstrate a turnaround of the upstream component of the energy sector. At present there are eight rigs drilling in our waters. This compares to one rig drilling in our waters in June 2010. He noted that the coming online of natural gas production from BP’s Savonette 6 and 7 in Q1 2014 would futher strengthen the economy and support economic growth in 2014.
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