Trinidad Oil Minister: Oil Reserves Audit Ready Fiscal Q3

An audit of Trinidad & Tobago's oil reserves will be released in the third quarter of fiscal 2007, newspaper Trinidad Express quoted energy minister Lenny Saith as saying.

Houston-based reservoir appraisal firm Ryder Scott is carrying out the audit.

The minister added as many as 11 wells, including two onshore ones, are to be drilled this year at a total budgeted cost of US$234mn. In 2008, six wells are to be drilled at a total cost of US$164mn.

The minister also said that the 14 bids received for the onshore and nearshore blocks and one bid for the deepwater block are under review.

Saith also said that a feasibility study for a fifth LNG train was due to be concluded by year-end, according to the report.

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