Trinidad and Tobago's Prime Minister Patrick Manning has sought to calm fears that the nation's natural gas reserves are in jeopardy. - Reuters

PORT-OF-SPAIN, Trinidad (CMC):

Prime Minister Patrick Manning says while there has been a decrease in natural gas reserves, there is no need to worry about the future of the industry in the oil-rich twin-island republic.

"As we stand here on the cusp of a new century of involvement in the energy business, I must say that future looks quite bright. To the many naysayers, I say broaden your horizons, think positively and have some faith," the Prime Minister said at the start of a two-day energy conference here.

He said the results of an audit by Houston-based firm Ryder Scott, which found that Trinidad only had 12 years of gas reserves left based on existing and projected production rates, was being widely misinterpreted.

Decision at conference

Sounding an upbeat note at the conference, which is being attended by world energy players, Manning announced that significant energy exploration activity was in the pipeline.

He said 13 exploration wells would be drilled this year, and US$565 million would be spent in 2008 for the drilling of 16 exploration wells.

The Prime Minister admitted that while the energy sector was dynamic, it was also volatile.

"The government's energy policy is now focused on the important tasks of improving and broadening our access to competitive markets and being a facilitator to initiatives that will guide the further development of the Trinidad and Tobago energy sector," he said.

Manning said two major oil companies were so confident about the nation's oil and natural gas reserves that they would be investing a total of US$6.2 billion in the energy sector over the next five to six years.