The Trinidad and Tobago government on Monday
announced that it would establish a new refinery that would significantly
increase oil production in the country.
Energy
Minister Conrad Enill, addressing a two-day international petroleum conference,
said the new plant would form part of the initiative to expand the sector.
The new refinery would have a capacity of about 200,000 barrels of oil per day and would cost approximately three to four billion dollars.
Mr. Enill said that the government is aware of the importance of the energy sector that is now 100 years old and as a result was seeking to diversify both the economy and the sector.
He said the Patrick Manning administration had already taken a decision that approval would only be granted for gas-based projects that had a value added component.
Mr. Enill said the linking of the energy and the manufacturing sectors would also provide local manufacturers with the opportunity to leverage on the competitive edge of the energy sector.
Mr. Enill said that in 1990 gas production averaged 110,000 barrels of oil per day as compared to oil production of 160,000 barrels daily.
But by 2007, gas production increased to 681,000 barrels as compared to 123,000 barrels of oil daily and that recent discoveries suggest that this trend would continue into the future.
The new refinery would have a capacity of about 200,000 barrels of oil per day and would cost approximately three to four billion dollars.
Mr. Enill said that the government is aware of the importance of the energy sector that is now 100 years old and as a result was seeking to diversify both the economy and the sector.
He said the Patrick Manning administration had already taken a decision that approval would only be granted for gas-based projects that had a value added component.
Mr. Enill said the linking of the energy and the manufacturing sectors would also provide local manufacturers with the opportunity to leverage on the competitive edge of the energy sector.
Mr. Enill said that in 1990 gas production averaged 110,000 barrels of oil per day as compared to oil production of 160,000 barrels daily.
But by 2007, gas production increased to 681,000 barrels as compared to 123,000 barrels of oil daily and that recent discoveries suggest that this trend would continue into the future.
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