One of the primary objectives of NGC’s Strategic Plan is to restore balance to the gas supply scenario in Trinidad and Tobago. With supply currently below demand, the Company has been looking at different ways to bridge the gap. Measures have included partnering with Venezuela to monetise the Dragon field, lobbying for renewable energy uptake so molecules could be diverted from electricity generation, collaborating with upstream operators to bring new fields into production and continue their exploration thrust.
It was revealed that four of the seven wells are yet to contribute to the current stabilized production of Touchstone. Paul Baay, CEO Touchstone said "We are excited to increase production in the near-term. With the combination of these four wells and the remaining three to be drilled this year, 3 we are looking forward to a strong start to 2019.
Hess Corporation announced an increased estimate of gross discovered recoverable resources for the Stabroek Block, offshore Guyana to more than 4 billion barrels of oil equivalent, up from the previous estimate of 3.2 billion barrels of oil equivalent.