Port-of-Spain: Independent international auditors, Ryder Scott have revealed that this country's proven gas reserves have fallen by seven percent.
The reserves stood at 14.4 trillion cubic feet (tcf) at the end of 2009 but fell to 13.5 tcf at the end of 2010. Energy Minister Keven Ramnarine said the country utilised 1.4 tcf over that period and only 0.32 tcf were added. He is however saying the country has nothing to fear, since probable reserves now stand at 7.6 tcf, possible reserves at 6 tcf and exploration reserves at 25.9 tcf.
The minister says the government will now meet with energy companies to find ways to capture a bigger share of the international pie. Trinidad and Tobago has traditionally sold liquified natural gas to the United States but demand from the world's largest economy has dropped significantly over the last few years.
Supplies are now being sent to Europe, where competition is tougher with exports from Algeria, Nigeria and Russia to contend with.
There are 36 energy blocks in waters surrounding Trinidad and Tobago that are to soon to be put on the market for deep-water exploration.
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