By KARL E CUPID Tobago Bureau Saturday, January 26 2008

While hailing Petro-Canada’s recent discovery of a large natural gas deposit off Tobago as “encouraging”, Tobago House of Assembly (THA) Chief Secretary Orville London warned it would be premature to begin “counting” the monetary benefits that could accrue to the island as a result of the gas find in Block 22 off north-east Tobago.

London, Secretary of Energy at the THA and a member of the National Energy Committee (NEC), noted it was very early yet in terms of any possible direct benefits that would come Tobago’s way.

He cautioned Tobagonians against jumping to conclusions in this regard.

In an interview with Newsday London said he was not aware, as to the exact impact of the discovery.

The company he noted intended to drill four wells. “And I think one of the things that we have got to bear in mind,” he declared, “ is that even if you find gas or oil, after you have done all your calculations, you have to make the biggest decision of all as to whether it is commercially viable. Only the company can make such decision,” he emphasised.

London added that one has also got to take note of the fact that drilling for energy resources in deep waters, as is currently the case, could be a “very expensive” undertaking. “I am making no excuses for the company, but I just want to caution that we should not jump to conclusions about the impact of this discovery until such time as all the calculations are made, including the cost,” said London.

Meanwhile, Malcolm Jones, chairman of Petrotrin, which has a ten percent stake in the license, said he was “very pleased” with the find.

He added that they hoped to find more gas because Petrotrin was hoping to get more involved in the gas business. That was one of the reasons the company got together with Petro-Canada, he said.