ONGC Mittal Energy gets permit to drill for oil in Trinidad

June 22nd, 2008 - 1:40 pm ICT by IANS  

By Paras Ramoutar
Port-of-Spain, June 22 (IANS) ONGC-Mittal Energy Ltd (OMEL) has become the first Indian energy company to be involved in oil exploration in Trinidad and Tobago. Trinidad and Tobago’s Minister of Energy, Senator Conrad Enill said this at a press conference here.

“Oil and energy exploration has been traditionally dominated by European and more recently Canadian companies,” the minister said Friday announcing that ONGC Mittal Energy has been granted approval to enter into a Production Sharing Contract (PSC) with the Petroleum Company of Trinidad and Tobago (Petrotrin).

Recently, OMEL - a joint venture between ONGC and the L.N. Mittal group, was awarded Block NCMA 2 - located off Trinidad and west of Tobago, which comprises 1,000 sq mt.

Minister Enill said OMEL along with Petrotrin was committed to undertaking an extensive exploration work programme in the allotted block.

Five wells will have to be drilled to facilitate the discovery and recovery of the mineral wealth trapped below the seabed in that area.

A number of Indian trade missions have been making Trinidad and Tobago one of their major destinations in the past few years.

Now Trinidad and Tobago’s rich oil and natural gas is the latest catchword among energy-hungry nations in the world. Its natural resources continue to be the hunting ground for several of the major international energy-based companies.

Several of these companies have set up international offices here, the latest being Canada’s Petro Canada.

With the continued escalation of oil and gas prices globally, this twin-island republic posted a budget of close to US$8 billion for the current year.

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