Ramnarine made the prediction while addressing the signing ceremony for the National Oil Spill Contingency Plan (NOSCP) on Wednesday at the Petrotrin staff club in Pointe-a-Pierre.
Saying there are approximately seven oil rigs currently operating in local waters, Ramnarine noted that an eighth, contracted to a large multinational corporation, is expected to arrive on December 26. “So 2014 is shaping up to be a very good year for drilling and 2014 is also shaping up for very good year in terms of natural gas supply,” he added.
On the recent controversy surrounding this country’s agreement with Venezuela over the Loran Manatee field, Ramnarine once again stated that the gas reserves on Trinidad’s side of the border would be utilised by the local natural gas sector.
“Twenty-six point nine four percent of that Loran Manatee field, which is on our side of the border will come to Trinidad and Tobago for utilisation by the local natural gas sector,” he said, adding the nation is also exploring developing another offshore block between TT and Grenada.
“We have also signed a memorandum of understanding with Grenada and will be discussing with that country plans to jointly develop what we call block 21. It is a block off our north coast and it sits along the border between this country and Grenada and the Grenadians are interested in exploring the equivalent acreage on their side of the border,’ he added.
Ramnarine also noted that local oil production had averaged 81,400 barrels of oil per day, saying the country had “arrested” its declining oil production which had experienced a continuous downward slide between 206-2012.
“From 2006-2012 there was a continuous decline in oil production and we have now arrested that decline. The mandate falls heavily on the shoulders of Petrotrin and the people in this room from the lease operator farm out community, to begin to turn that curve upwards because we have bottomed up and we have arrested the decline oil production and we have to begin to turn that curve upwards,” Ramnarine said.