Trinidad and Tobago Plan to Join Gas Cartel

Energy Minister Conrad Enill said five shallow marine blocks that will be part of the bidding process are on the eastern and northern coasts of the twin-island Caribbean nation.

Separate deep Atlantic blocks, also due to be offered for exploration bids next year, lie to the north, he said, adding that past exploration activities are believed to have covered only about one third of the country's potential hydrocarbon resources.

The announcement coincided with an interview Enill gave over local television that Trinidad and Tobago is ready to hold talks with Iran and Russia in order to maximize financial returns from the sale of its gas on the international market.

"The reality is that we find ourselves in a situation where, because we are a gas producer, and these are gas-producing countries, we are now associated with that group of countries," Oil & Gas Journal cited Enill.

Energy Minister pointed out that it is important to understand the dynamics of industry development and the influence Russia, Iran and Quatar may have on gas prices.

Enill said that in the current circumstances, with oil prices being sold about $40 on the world market, the move by the gas producers to determine prices "is good for Trinidad and Tobago because we are going to benefit from that."

Author: Ksenia Kochneva