MINISTER of Energy and Energy Industries Stuart Young said for the oil and gas industry to be part of a sustainable solution to the globe's energy needs, it has to collaborate with regulators.
The minister made the statement in his keynote address to the society of petroleum engineers Latin America and Caribbean Petroleum Engineering Conference held at the Hyatt Regency in Port of Spain on Tuesday.
In a media release, Young said drilling and development programmes must provide for the reduction of emissions, including flaring, a reduced surface footprint and optimal field development and management.
'In order to sustain the use of oil gas to meet energy demands in a carbon-constrained world, it will be necessary to implement carbon capture sequestration (CCS) as a carbon reduction strategy,' the release said.
Young also addressed the recent onshore bid-round in which the successful bidders have been informed of their success.
The Society of Petroleum Engineers (SPE) is a not-for-profit professional association with members engaged in energy resources development and production.
SPE serves more than 119,000 members in 138 countries worldwide. The society is a key resource for technical knowledge related to the oil and gas exploration and production industry.
The SPE conference was centred around engineering opportunities, the technologies that shape the energy landscape and providing new insights on how science, resources, and people are advancing energy solutions in the region.
The Latin American and Caribbean Petroleum Engineering Conference (LACPEC) has been held for over 30 years and its purpose is to showcase the latest research and development in petroleum engineering, with focus on meeting the current and future technical needs of the industry.
Also this week, Young met with executives of Repsol for updates on business activities and insight on prospective projects.
According to a ministry release, Young met with executive director of Europe, Africa, Asia, Brazil and Venezuela Ángel Bautista, institutional director Pablo Hernando and technical manager at Repsol Maria Cristina Legarza, at the ministry's head office at the International Waterfront Complex on Wednesday.
The release said discussions were held on local and regional gas development and the possibility of supplying Europe and other markets.
Both parties exchanged views guided by their expertise on approaches and strategies which would be mutually beneficial in consideration of the current and future global market the release said.
The parties agreed to work together and explore the development of significant future projects which would provide sustainable energy security.
'Minister Young looks forward to the continued collaboration with Repsol in his commitment to promote the long-term growth of the energy sector for the benefit of our local economy on behalf of the Government,' the release said.
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