• 25 mins Kinder Morgan Warns About Trans Mountain Delays
  • 7 hours India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 12 hours Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 16 hours Russia, Saudis Team Up To Boost Fracking Tech
  • 22 hours Conflicting News Spurs Doubt On Aramco IPO
  • 23 hours Exxon Starts Production At New Refinery In Texas
  • 1 day Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 2 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 2 days China To Take 5% Of Rosneft’s Output In New Deal
  • 2 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 2 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 days VW Fails To Secure Critical Commodity For EVs
  • 2 days Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 3 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 3 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 5 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 6 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 6 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 6 days Europe Braces For End Of Iran Nuclear Deal
  • 6 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 7 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 7 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 7 days India Needs Help To Boost Oil Production
  • 7 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 7 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 7 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 7 days District Judge Rules Dakota Access Can Continue Operating
  • 8 days Surprise Oil Inventory Build Shocks Markets
  • 8 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects

Does This Offhand Gov't Comment Signal A Big Oil Opportunity?

Does This Offhand Gov't Comment Signal A Big Oil Opportunity?

Sometimes the smallest details mean the most. And a couple of little-reported comments from the government of one nation this week could signal very big things in progress for energy developers.

The place is the Caribbean islands of Trinidad and Tobago. Where the country's new energy minister made a public call for reforming oil and gas development.

As reported by Platts, energy minister Nicole Olivierre told a meeting of Trinidad's Energy Chamber that the country's oil and gas sector is in trouble. With the minister saying that the nation's production is in an "unabated decline" -- with oil output hitting its lowest-ever level this year, at 81,000 b/d. Related: Historic Failure For Brazilian Oil Auction

The minister put the blame squarely on one party: Trinidad's state-owned oil and gas developer Petrotrin. Saying that the company "has failed to engender any significant increase in production in its portfolio."

Olivierre went on to suggest that major changes are required to fix the situation. Saying the government needs to take a "serious look at Petrotrin" -- and that "the country cannot wait forever for the company to get its act together." Related: Energy Storage Just Got A Massive Vote Of Confidence

All of this sounds very meaningful. Especially from a newly-appointed minister, who obviously has a reform agenda squarely in her mind.

And that could be great news for international E&Ps.

That's because Petrotrin holds much of the prime acreage -- both onshore and offshore -- across Trinidad and Tobago. All of which has been largely closed to foreign investment for years.

At the same time, the country has well-proven petroleum potential. Trinidad is the largest oil producer in the Caribbean, with total output of over 3 billion barrels since 1857. Related: Can The Panama Canal Fulfill Its Global LNG Promise?

There a number of older fields here that could be enhanced with simple workovers. And there are undoubtedly more discoveries to be made -- especially on the extensive lands locked up in Petrotrin.

All of these opportunities could come available if a Mexico-style government shake-up does emerge here. Watch for more developments from the energy ministry over the coming months.

Here's to abating decline,

Dave Forest

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News