Ministry: BP, BHP Top Gas, Crude Producers in 2006
UK oil company BP's (NYSE: BP) Trinidad & Tobago subsidiary BPTT and Anglo-Australian resource group BHP Billiton (NYSE: BHP) last year led respective natural gas and crude oil output in the Caribbean country.
Total gas and crude production in Trinidad & Tobago in 2006 reached an average of 3.88Bf3/d (110Mm3/d) and 142,753b/d respectively, according to newly released statistics from Trinidad & Tobago's energy and energy industries ministry.
BPTT's gas output last year averaged 2.309Bf3/d, followed by the UK's BG Group (NYSE: BGR) with 845Mf3/d and US oil and gas company EOG Resources (NYSE: EOG) at 449Mf3/d.
The ministry also lists BHP Billiton with 184Mf3/d, local state oil company Petrotrin subsidiary Trinmar with 46Mf3/d and Spain's Repsol YPF (NYSE: REP) at 38Mf3/d.
Trinidad & Tobago is the number-one exporter of LNG in the western hemisphere and the principal supplier of LNG to the US.
In 2006, BHP Billiton led crude oil production with an average of 33,264b/d, followed by Trinmar (32,032b/d) and BPTT (24,830b/d), according to the statistics.
Rounding out the top five crude producers were Repsol YPF and Petrotrin at 17,942b/d and 17,642b/d. The ministry lists a total of 16 crude oil producers in the country.
"Four rigs are now engaged in exploratory drilling and 16 wells are carded to be drilled in the last quarter of 2007 and in 2008," according to Trinidad & Tobago Prime Minister Patrick Manning's 2008 budget statement released this week.
"The exploration effort over the next three years anticipate an expenditure of some TT$3,530mn," (US$565mn), Manning said.
"What is needed now is a new fiscal regime of incentives to stimulate further drilling in the Deep Marine areas of East Coast, marginal fields, heavy oil and farm-in and farm-out arrangements. We propose to introduce this new regime in fiscal 2008," he said.
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