SIGNIFICANT DEVELOPMENTS/PROJECTS IN 2012 INCLUDE: • 15 exploration wells to be drilled in 2012, mainly by Parex Resources, Niko Resources, BP and Bayfield Resources.
Fast Facts Gas Reserves as at December 2010
• Six separate seismic programmes either continuing from 2011 or expected to start in 2012. • Petrotrin to re-activate southwest Soldado field and continue with $700 million drilling programme, which began in 2011, to drill 21 wells in Trinmar acreage. • EOG begins production from Toucan platform. • Government to launch land-based bid round. • Melamex expected to begin construction of a moulding compound plant at Pt Lisas. • Construction expected to begin on US$1.9 billion AUM II facility which will produce 18,285 tonnes per year (tpy) of ammonia, 934,467 tpy of urea, and 27,139 tpy of melamine. • Construction expected to begin on US$430 million CariSal project which will produce 120,000 tpy of calcium chloride, 85,000 tpy of caustic soda, 8,000 tpy of sodium hypochlorite and 1,000 tpy of hydrochloric acid. • Q4 2013 – Expected Completion Date for development of US$80 million energy port in Galeota in south-east Trinidad comprising a 529-metre quay wall, 5 berths, 40 fenders, 6 ladders and 44 bollards, a navigational channel 80m wide and 7.6m deep, 200m turning basin of depth 7.6m and 8-hectare storage area. • Energy services companies to undertake a 2nd trade mission to Brazil.
• Proven: 13.5 trillion cubic feet (tcf) = 9 years of production
From zero growth in 2011, the Central
• Proven and probable gas reserves = 14.3 years of production
Bank predicts that the Energy Sector
• Exploration reserve = 26 tcf
ENERGY AND ENERGY-RELATED INDUSTRIES
DOWNSTREAM Protracted maintenance and safety-upgrade activity by bpTT caused a 10.8 percent falloff in the company’s natural gas output in 2011 compared to 2010 and resulted in a serious shortage of gas to Pt Lisas companies in 2011. The gas shortage, together with protracted maintenance at Methanex and scheduled maintenance work at several other plants, resulted in lower production of LNG, ammonia, methanol, natural gas liquids and nitrogenous fertilisers in 2011. Citing poor co-ordination as causing the shortage, Energy Minister Kevin Ramnarine said he would set up and began chairing a quarterly production optimisation meeting in January 2012 to ensure this situation never recurs. This, together with increases in gas production and planned expansion of NGC’s pipeline network, is expected to prevent future supply problems.
will recover in 2012 with oil and gas
• Oil production in 2011 (inclusive of condensate production): 92,000 bpd or 30.9 million barrels for the period January-November 2011
production returning to 2010 levels, while expected increases in global energy
• Natural Gas production (Jan-Nov 2011): 263.2 million barrels of oil equivalent
prices could lead to higher revenue.
Energy Sector’s % Share of GDP Energy Sector............................................................45.5 E&P................................................................................19.2 Refining (including LNG)........................................ 7.6 Petrochemicals...........................................................12.7 Other............................................................................ 5.7 Source: Central Bank publications
COMMODITY PRICES
2006 2007 2008 2009 2010 2011p
Petroleum (WTI $US/bbl)
66.0
72.3
99.6
61.7
79.4
95.1
Natural Gas (Nymex Henry Hub $US/mmbtu)
6.8
7.0
8.9
4.0
4.4
4.0
Ammonia (US$/tonne)
278.4
291.0
545.1
227.6
362.7
534.2
Urea ($US/tonne)
226.5
297.6
564.0
265.4
311.4
435.8
Methanol ($US/tonne)
376.4
434.2
504.3
241.0
338.3
430.0
OTHER KEY DEVELOPMENTS 2011/2012 • Completion of NGC’s 59-mile, 36-inch-diameter, US$450 million North-East Offshore (NEO) pipeline. • British Gas expects first gas in 2012 for Baraka and Baraka East discoveries in the onshore Central Block. • National energy policy being developed. • Results of the national oil audit expected. • Continued promotion of business opportunities in derivative melamine manufacturing. • MOU signed in December 2011 between the National Gas Company, National Energy Corporation and the Tanzania Petroleum Development Company. Areas of co-operation among the parties include the development of commercially viable natural gas projects, gas policy development, the establishment of logistical ports, harbours and industrial estates and national skills development in relation to the oil and gas industry.
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