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| PM Kamla Persad-Bissessar holds samples of crude oil from Petrotrin's offshore fields (Express photo) |
Petrotrin's President Designate Khalid Hassanali broke the news to the media Thursday at the lost cabinet news briefing.
Commenting on the news, Persad-Bissessar said the oil find is of great significance, noting that it will bring increased revenue to bolster many of the planned government development projects.
The Prime Minister said the oil find re-affirms that indeed "God is a Trini".
She added, "As a result of the jubilee discovery by Petrotrin as a state owned company decisions can be made faster and easier and you can be assured there will be no squandering of these very precious resources but every penny derived will go towards genuine people-centred development in several areas.
"So what does it now mean for the man in the street, for the citizen of Trinidad and Tobago? In a phrase if I would sum it, I would say better times in the best of initiatives that will benefit you the citizen of Trinidad and Tobago."
Persad-Bissessar said the discovery did not happen by accident or good fortune.
"Let us first be sure to accept with humility the intervention of a purpose far greater than ourselves and to give praise where praise is first due—to Almighty God for what he has bestowed upon this nation at this time," she said.
And she suggested that Petrotrin convene a day of "prayerful gratitude" to recognise the contribution of the company's employees.
She also said the discovery comes at a time when oil prices are high on the global market, adding that there will be increased revenue to the State.
"This revenue will be used to boost many of the developmental projects by my Government. The location and depth of the reserves will allow for earlier than usual production to begin so the benefits to be derived will impact positively on our economy sooner than ever," she declared.
"The news will certainly create a buzz in the sector as the provision of new geological data could lead to even more discoveries."
Energy Minister Kevin Ramnarine noted the Petrotrin oil find comes on the heels of a discovery by Bayfield off the East coast of Trinidad three weeks ago. That find, he said, amounts to about 32 million barrels of crude oil. Petrotrin owns 35 per cent equity of the block Bayfield operates.
Ramnarine also stated that the Canadian energy company Parex is drilling three wells in Moruga.
"There are many who believe the deeper horizons on land particularly below 6,000 feet could hold tremendous potential for this country of an entire new oil province which we never really tapped into," Ramnarine told reporters.
He also announced that Cabinet has approved the launch of the 2012 deep water bid round for deep water blocks off the East coast and the North coast of both Trinidad and Tobago.
"I am very proud to be the Minister of Energy at this point time when Petrotrin has turned the corner and the company is turning around," Ramnarine stated.
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