Energy companies in Trinidad and Tobago continue to remain optimistic despite challenges of falling oil prices and global uncertainty in the market place.
The energy majors presented 2015 updates and outlook on their operations on Tuesday at the 2015 Energy conference hosted by the Energy Chamber of Trinidad and Tobago.
Speaking about the impact of declining oil prices, Garvin Goddard, President, BGTT said his company is reviewing its capital and expenditure to ensure efficiency across its operations.
“We have to become innovative,” he told delegates at the conference.
Goddard said there is continued optimism in the sector but while the environment is challenging, companies can use this time to make changes.
Among its activities for 2015 is the completion of Starfish with two wells to come online by the second quarter of this year – an appraisal well and exploratory well.
“It’s an exciting time and we look forward to completing all activities,” he said.
Luis Polo Navas, Business Unit Director, Repsol said declining oil prices is a challenge for investments and for managing operations.
Noting that 40-45% of Repsol’s production comes from offshore mature fields, Polo Navas said “current oil prices are not helping” and urged collaboration among stakeholders to optimise costs.
Navas also proposed that there should be further fiscal reform for mature offshore fields.
Jamaludin Khan, Vice President, Exploration and Production, Petrotrin noted that despite falling oil prices, its upstream business was profitable in 2014.
For 2015, he said the company is focused on accelerating its crude oil and gas production and reserves with its various commercial partnerships.
Khan said after production decline in 2014, production has stablised and is beginning to grow mainly because of its third party partners.
“We stand poised to grow, “he said, “there’s cautious cause for optimism.”
Khan also said the state integrated energy company plans to expend $2billion on its drilling programme for 2015 which includes twenty-eight wells on Land and eight wells in Trinmar.