Energy Minister reports increase in T&T’s crude reserves

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    TT’s crude oil reserves have increased.

    This is according to Energy Minister Franklin Khan, who today presented the findings the 2018 audit done by Texas-based consultants Netherland, Sewell and Associates Inc.

    According to the Minister, Proved Reserves jumped by 10.3% from 199.5 million barrels to 220.1 million barrels.

    Probable Reserves rose by 16.6% to 99.7 million barrels, Possible Reserves climbed by 8.5% to 135.5 million barrels and Contingent Resources are up by 17.2% to 68 million barrels in 2018.

    The Minister also revealed that the Best Estimate of Unrisked Prospective Resources is now 3.2 billion barrels, an increase of 773.4% over the estimate contained in the last audit in 2012.

    T&T can also soon expect the Natural Gas Reserves Audit Report.

    According to Mr Khan, that is in final draft form and will be completed in a matter of a week or two.

    He says an update on this will be provided at the appropriate time.