Press Release 4 – Technology, attractive fiscal terms, good for Energy sector

Updated On: Jan 27th 2015

Continued investment in technology, in the context of a long-term plan for the energy sector will help to sustain Trinidad and Tobago’s strong position for many years ahead, according to David Eyton, Head of Technology, BP, who delivered a presentation during the Energy Conference 2015, hosted by the Energy Chamber of Trinidad and Tobago.

Speaking on the theme, ‘Shifting Trends in Upstream Technology’, Eyton said the energy sector is at a crucial juncture where it must evolve in order to continue being competitive. There were clear warning signs such as the “shale gale” in the US, shifting gas markets, the expansion of the Panama Canal, innovations in deepwater technology and new hydrocarbon discoveries in emerging markets.

Noting that technology has an important role to play in addressing challenges, Eyton said BP is using its experience gained from around the world in deploying technologies in Trinidad.

Technology, he said, can maximise recovery from the Columbus basin in four main areas of imaging, drilling and completions, facilities and digital technologies.

BP is also planning to trial a new chemical sand consolidation technology in Trinidad, which will be a first in the basin.

“We have applied this technology with success in other sand-prone regions and believe it could deliver lower cost, lower risk interventions that will keep wells online for longer,” he said.

Steve Pastor, President, Production, BHP Billiton, accessing Trinidad and Tobago’s energy sector competitiveness in an evolving world lauded the Ministry of Energy’s adjustments to the fiscal terms offered for deep-water exploration which brought it into competitive alignment with prospects the world over. The strategic adjustments also help to attract global capital to the country.

“Taken together, these carefully executed and to my mind, evolutionary adjustments have helped to improve the competitiveness of Trinidad and Tobago’s deep-water acreage in the eyes of operators worldwide, including BHP Billiton and have helped to secure our recent acreage acquisitions,” he said.

Giving an update on development activities in Block 2 (c), Pastor said the company recently commenced a new phase of exploration in several deep-water blocks in the country and believe there may be “excellent potential here.”