Ryder Scott: Trinidad and Tobago’s proved gas reserves down 6% at yearend 2014

Trinidad and Tobago’s proved natural gas reserves fell 6% to 11.5 tcf at yearend 2014 compared with 12.2 tcf at yearend 2013.

This is one of the findings made by Houston-based Ryder Scott Co. Ltd. The consultancy’s report for 2014 shows that 1.4 tcf of gas was used and 670 bcf was replaced.

Ryder Scott’s survey showed that there was a slight decrease in probable reserves to 5.47 tcf in 2014 from 5.53 tcf in 2013. Possible reserves also were down, falling to 5.7 tcf at yearend 2014 vs. 6.1 tcf at yearend 2013.

When combined, the country’s 3P reserves are 22.7 tcf as of yearend 2014 compared with 23.9 tcf at yearend 2013.

Ryder Scott’s survey also revealed that in the last 12 years, there has been a steady decline in the Caribbean twin-island nation’s proved reserves by an average of nearly 1 tcf/year.

In 2002, proved reserves were 20.8 tcf, probable were 8.3 tcf, and possible were 6.1 tcf for a total 3P of 35.1 tcf.

While Ryder Scott found that 3P reserves continue to fall, however, the nation’s exploration potential jumped by nearly 4 tcf to 43.8 tcf at yearend 2014. Sources say this is likely due to the results from BP Trinidad & Tobago’s Ocean Bottom Cable survey, which has reportedly given the company sharper images of the subsurface and therefore made it very optimistic that it has far more gas in the Columbus basin than previously thought.

The 2014 exploration potential is also 14 tcf more than it was in 2002 and perhaps reflects how technology is showing far more possible gas accumulations than first thought.

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