While oil and gas prices remain within the range 40-50 USD, our country has seen the most explosive period for licensing acreage for exploration in the history of the Trinidad and Tobago (T&T) from the period 2011 to 2014.
Leading this resurgence, the Energy Minister being part of the current administration created an enabling environment for this level of investment through the introduction of a suite of fiscal incentives for companies operating in the oil and gas industry. This environment has also seen the signing of licences by three energy companies to drill for oil on land will result in the country’s oil and gas production being further boosted. The three companies, i.e. Lease Operators Ltd, Primera Oil and Gas will exploit acreage with a reserve potential of 822 million barrels of oil.
In total 63,716 hectares of land was licensed for exploration. This accounts for approximately 12.5 per cent of the entire land mass of Trinidad and Tobago.
This dramatic upswing has never been seen in Trinidad and Tobago since the late 1970’s. I’m surprised that we had to wait until now to place such great emphasis on revamping the energy sector which is our main income generation directly and indirectly. Thank god we can see positive signs of preparation for our energy future.