Even amid low market prices, an energy giant is to begin drilling in Trinidad and Tobago soon.
BHP Billiton is targeting new fields following a major seismic survey, which is said to be at least four times bigger than that of their Gulf of Mexico property.
The local project is “Pegleg”, whose footprint has been described as three times that of the company’s major producing finds in the Gulf of Mexico.
BHP Billiton renewed exploration interest in Trinidad and Tobago following a revision of the fiscal regime by the previous administration.
The company is focusing on oil and not gas.
The accelerated exploration comes even as other energy corporations have cut back on drilling in light of the slump in prices.
BHP Billiton Managing Director Andrew MacKenzie has reduced other spending but is expanding exploration and renting more drilling rigs.
Rig-hire rates have fallen by about a third in light of the lower energy prices.
Industry analysts have said that if BHP Billiton strikes success in T&T and elsewhere, it could become a greater force in the industry.
The PP Government had introduced incentives to spurt exploratory work in the energy sector.
BHP Billiton’s activities are a direct result of those incentives.
The local economy will benefit from the renewed exploration.