Feature Address by the Honourable Stuart R. Young M.P. Minister of Energy and Energy Industries at The Presentation of the Gas Audit Results for Year End 2021 and 2022
Good afternoon,
Welcome to the Results of the Annual Audits of the Non-Associated Natural Gas Reserves and Resources of Trinidad and Tobago for Year End 2021 and for Year End 2022. As the Government promised, we are here today to communicate openly and transparently with the country to promote not only a deeper understanding but also an update on our hydrocarbon resources that remain the driving force of the economy. The presentation of the results of the audits has not followed the usual timeframe as we have new auditors on board which required a greater level of interaction with Ministry and Industry in the conduct of the audits but also I must take personal responsibility and apologize for the delay as the audit results have been ready for sometime but die to my professional commitments I was unable to present until today so that fault is mine.
Let me provide some background on our new audit consultant, DeGolyer and MacNaughton. After the five (5) year contract with our previous auditor, Ryder Scott Company ended with the Year End 2020, Cabinet granted approval in 2021 for the Ministry of Energy and Energy Industries (MEEI) to engage an independent petroleum consultant to conduct annual gas reserves and resources audits for the five-year period 2021 to 2025. Following a highly competitive tender process, a team from the Ministry conducted evaluations and selected DeGolyer and MacNaughton (D&M) from a field of five (5) prestigious international petroleum consultants which tendered bids. Due to the date that the contract was awarded, the audits for Year End 2021 and Year End 2022 were conducted at the same time. These are the first and second audits of the current 5 year contract.
The main objective of the Audit is the provision of an independent certified statement of the country’s natural gas Reserves and Resources in an internationally recognized reporting format.
Read the full feature address here
Video Recording of The Presentation of the Gas Audit Results for Year End 2021 and 2022